Many credit card issuers will not have fully implemented EMV technology by the October deadline, according to PaymentsSource.
It's getting better. Research firm Aite Group reports that 59 percent of all point-of-sale locations in this country will be EMV compatible by the end of 2015, according to a report at Pymnts.com. The payments industry has been concerned about the rate of retail adoption of EMV, but these results signal that merchants are starting to move faster on the new chip card technology, especially larger retailers.
American Express is making plans for life after Costco. Last week, the two companies said they would end the 16-year co-brand and merchant acceptance agreements on March 31, 2016 when they are due to expire.
MasterCard and Visa are adding more firepower in their fight to combat data security abuses. The plans were revealed separately by each company, and coincided with last week's White House Summit on Cybersecurity and Consumer Protection at Stanford University.
Against the backdrop of growing losses to cybersecurity breaches and a technology industry frustrated by the federal government's lack of action on surveillance activities, Apple CEO Tim Cook proved Friday that he was more than a warm-up act for President Obama.
President Barack Obama signed an executive order Friday tasking the National Institute for Standards and Technology to work with the private sector to identify existing voluntary consensus standards and industry best practices and build them into a cybersecurity framework.
Costco Wholesale will end its 16-year co-brand and merchant acceptance agreements with American Express next year. American Express is the only credit card Costco accepts—it also takes debit cards—and as of yesterday, American Express representatives were in stores trying to sign customers up for the card. American Express stock dropped by about 6 percent late yesterday on the news.
Support is growing for chip cards based on the global EMV standard, although there is concern that many retailers will miss the October implementation deadline, according to credit card industry executives and researchers.
Chip cards based on the global EMV standard will be in heavy use by the end of 2015, according to a panel of credit card issuers held on Tuesday.
Neiman Marcus and Office Depot are among seven well-known merchants that have recently signed up to use the MasterPass digital payments system from MasterCard.