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New EMV Credit Card Technology May Be Losing Steam 

8/23/2015

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If you’ve received a new credit card over the last 6-12 months, then you’ve noticed that a new chip has been imbedded into the card. The new cards are called EMV cards (EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard). These new cards are termed “smart” because they store their data on integrated circuits rather than magnetic stripes. Most EMV cards also have those stripes as well for backward compatibility.

As with other payment technologies, Europe is far ahead of the United States. As of February, nearly 95% of payment terminals in Western Europe accepted EMV cards. In the U.S., however, just 14% of the 11.8 million operating terminals were EMV-compatible, putting the nation in last place for EMV adoption and at the greatest risk for fraud.

While the deadline for the impeding EMV migration looms, only one in 10 Americans reported receiving chip-enabled cards in a recent poll. The survey results show the major shift from mag-stripe to EMV in the U.S. may have an even longer way to go before the Oct. 2015 deadline.

This delay in implementation will have the greatest impact on the credit card companies themselves as the quicker the migration is made, the quicker the level of fraud security can be ramped up.


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    Author

    Rick Richardson, CPA, CITP, CGMA

    Rick is the editor of the weekly newsletter, Technology This Week. You can subscribe to it by visiting the website.

    Rick is also the Managing Partner of Richardson Media & Technologies, LLC. Prior to forming his current company, he had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology.

    Mr. Richardson has been named to the "Technology 100"- the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two Lifetime Achievement awards and a Special Career Recognition Award for his contributions to the profession in the field of technology.

    In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine.

    In 2017, Rick was inducted as a Marquis Who’s Who Lifetime Achiever, a registry of professionals who have excelled in their fields for many years and achieved greatness in their industry.

    He is a sought after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators and students.

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