The Electronic Funds Transfer Association has launched an ‘EMV Update’ to provide objective information on the migration of EMV technology to the American electronic payments industry. Currently the US is the only G20 nation where banks that issue credit or debit cards do not use the EMV standard. Some large card brands such as Visa, American Express and MasterCard have set target dates for the adoption of the standard by different industry segments. Some of these target dates have already passed.
Kurt Helwig, president and CEO of the Electronic Funds Transfer Association, said: “The implementation of EMV in the U.S. is more complicated than anticipated. This complexity is due to the large number of card-issuing banks, ATM owners, payment networks, issuing and acquiring processing companies and merchants. There is no shortage of information on EMV migration. Unfortunately, some of it is biased and some of it is just plain wrong. EFTA has a 35-year reputation as an honest broker of financial services information, and an objective observer of payment trends. It’s this reputation that EMV Update will bring to the EMV discussions. EMV Update which will be updated weekly, will provide a compilation of the week’s news on the EMV migration, as well as analysis.”
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