It was reported that The Payments Security Task Force issued a report regarding US bank and credit unions’ plans to issue chip-enabled credit and debit cards. The report announced that:
“Eight financial institutions, representing approximately 50 percent of the total U.S. payment card volume, estimate that 63 percent of their credit and debit cards will contain EMV chips by the end of this year.”
With the knowledge that credit cards had a significant lead time over debit cards while the industry waited for a Durbin compliant solution, one can surmise that the number of debit card that will be issued by the liability shift date will be incredibly low.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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