Chase, the US commercial and consumer business of JP Morgan Chase, intends to switch nearly three-quarters of its cards to chip technology by the end of 2015. The switch will lead to over 80 per cent of Chase card-user spending being on chip cards.
Chase was the first US card issuer to release chip-enabled cards in 2011. The company says that today it has “more than 22 million chip-enabled cards in the market”.
As well as rolling out chip technology to its consumer and business customers, Chase will also be providing terminals that give businesses the option of accepting chip cards, as well as mobile wallets, contactless and the current swipe cards.
Chase customers will receive a chip debit or liquid card in the post over the next 12 months. All of the cards come with a zero fraud liability protection against unauthorised use for cardholders.
Chase has also recently conducted a survey, which revealed over three-quarters of US consumers (80 per cent) are concerned about security on credit and debit cards.
65 per cent have not actually heard of chip technology. Just over three-quarters (76 per cent) believe adoption of chip technology will help small businesses by greatly reducing credit card fraud.
“Fraud and security threats facing consumer payments today is a complex issue that can’t be solved with any single technology. We’re working to employ a variety of approaches to protect our customers – adopting chip technology is a critical step on this journey,” said Gordon Smith, CEO of Chase Consumer and Community Banking.
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