By Bernadette Wilson
Lars Pedersen, Creditcall’s new CEO, answers Business Solutions’ questions on progress in the U.S. toward EMV adoption, challenges IT solutions providers are facing, and resources available to solutions providers.
Q: How would you describe the progress the U.S. has made in terms of phases ofmigration to EMV?
Pedersen: We’re on the right track — but not moving fast enough. With the October 2015 liability shift in place, coupled with the string of high profile breaches of consumer card information this past year, merchants have been steered towards EMV readiness. Based on industry momentum, we believe that more than half of retailers will be properly equipped to receive EMV payments by the October deadline. EMV combined with point-to-point encryption (P2PE), tokenization, and an environment with highly secure payments gateways will lead to a much needed decrease on U.S. payments cards fraud.
Recent data from the EMV Migration Forum demonstrates the increasing EMV migration momentum, and reports that the U.S. has seen exponential growth in terms of the number of cards with chips issued — up from 10 million chip cards in 2013 to 120 million in 2014, and this number is expected to reach 900 million in 2016.
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