Increased EMV adoption in the US will result in the issuance of more than 100 million EMV chip cards to consumers by 2014 end, according to a report by the EMV Migration Forum.
The study also underlines that installation of chip-capable terminals is expected to increase more than double to an estimated 4.5 million by year end.
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EMV Migration Forum, an independent, cross-industry body, said it’s the only platform bringing together all payments industry stakeholders to work collaboratively towards a successful US migration to chip payments.
EMV Migration Forum director Randy Vanderhoof said, "The U.S. is the largest and most diverse single market to ever migrate to EMV chip cards, and with that we have faced complexities that many of the more than 80 other countries that have implemented the technology haven’t experienced."
"As we approach the two-year mark of both our migration and the formation of the EMV Migration Forum this summer, we are encouraged by the payment industry’s commitment, the progress in card issuance and terminal installation and the impact our organization has had in addressing chip migration challenges that were impeding faster adoption.
"The next two years will likely see an acceleration of chip-enabled cards and terminals in the market, and consumers will start to experience using their chip cards more frequently at in-person retail settings and ATMs," Vanderhoof added.
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By GlobalDataThe Forum member includes global payments brands, financial institutions, merchants, processors, acquirers, regional debit networks, industry associations and industry suppliers.
