Six Months Before EMV Deadline, Where Do CUs Stand?

by Sarah Grotta 0

Money withdrawal on the ATM

An article in CU Journal reported that credit unions are making substantial progress issuing EMV chip credit cards;

“Barney Moore, portfolio consulting services manager at Card Services for CUs, noted that about 75% of CSCU’s credit union clients have already rolled out credit EMV or are in the process of doing so …”

The story for debit cards is not as cheery. While the industry was waiting for a compliant solution, capacity was being consumed by credit issuers hoping to meet or at least get close to issuing by October. So even when the debit Common AID became available, actually finding time on the production schedule has been difficult at best. Maybe this is not such a bad thing after all. Merchants are similarly not ready for debit. It may be wise to wait until there is a compelling population of merchants who are ready. When EMV debit cards finally show up in cardholders’ mailboxes, consumers will actually be able to use their cards and all the effort and resources spent on marketing and communicating the ins and outs of EMV will not be wasted.

Overview by Sarah Grotta, Director Debit advisory Service at Mercator Advisory Group

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