More Than 575 Million U.S. Payment Cards to Feature Chip Security in 2015

  More Than 575 Million U.S. Payment Cards to Feature Chip Security in 2015

  Projection for U.S. Chip Card Issuance in Largest Payment Market Indicates
                             Significant Progress

                Acquirer and Merchant Forecast in Development

Business Wire

NEW YORK -- August 13, 2014

The Payments Security Task Force (PST) today provided an update on its
discussions and activities since its inception. The task force, which
represents a diverse group of U.S. electronic payment industry players, has
initially focused on continuing the momentum of EMV chip implementation in the
United States.

In a recent forecast, nine of the country’s largest payment card issuers who
participate in the task force estimate that they will have issued more than
575 million chip-enabled payment cards by the end of 2015. The participating
issuers include Bank of America, Capital One, Chase, Citi, Discover,
Independent Community Bankers of America (representing issuing members), Navy
Federal Credit Union, US Bank and Wells Fargo & Company.

“These numbers reflect the significant momentum behind the adoption of EMV
chip in the United States,” said Ryan McInerney, president of Visa Inc. “By
the end of next year, these issuers estimate that one in two of their U.S.
payment cards will be chip-enabled, which represents real progress given the
scale and complexity of this overall effort.”

The task force plans to update the issuer forecast regularly and expand it to
include acquirer and merchant perspectives on EMV chip terminalization.

“The move toward enhanced security for cardholders and merchants is real and
tangible,” said Chris McWilton, president, North American Markets, MasterCard.
“We’re gaining alignment around the most significant challenges where the
industry needs to have a common foundation.”

To promote EMV chip adoption, the task force is working to identify best
practices around merchant testing and certification to help significantly
reduce the testing and implementation time.

“The pace of EMV adoption is rapidly accelerating with many institutions
already issuing EMV chip cards, and even more coming onboard every month,”
said Guy Chiarello, president, First Data. “First Data is strongly encouraging
all institutions to launch their EMV plans immediately, and not wait for the
October 2015 liability shift. Issuing EMV now will benefit consumers by making
the most secure payment card available sooner, while reducing fraud losses and
enhancing payments system security for all.”

“Global Payments is at the forefront of enhancing security for our customers,”
said Jeff Sloan, Chief Executive Officer, Global Payments Inc. “Having
implemented EMV in many other markets around the world, we have in-depth
experience in managing the complexity of an ever changing dynamic payments
ecosystem. We encourage early adoption of EMV by our customers.”

Among the next priorities for the task force is identifying an actionable,
long-term roadmap to deliver a consistent level of security for payments in
the digital and physical environments. Part of this will include providing
clarity around enhanced security solutions like tokenization and
point-to-point encryption.

“Community banks are nimble and able to move quickly on technological advances
once the business case for such changes are clear,” said Camden R. Fine,
president and CEO, Independent Community Bankers of America. “It’s evident
that EMV chip-based technology is an effective control against card
counterfeiting and an important step forward as community banks plan ahead for
our customers’ security and ease of payment when using cards to make a

About the Payments Security Task Force

The Payments Security Task Force was announced in March 2014 to drive
executive level discussion that will enhance payments system security. The
task force includes a diverse group of participants in the U.S. electronic
payments industry including payment networks, banks of various sizes, credit
unions, acquirers, retailers, point-of-sale device manufacturers and industry
trade groups.

Among the participants are Bank of America, Capital One, Chase, Citi, Credit
Union National Association, Discover, First Data, Global Payments Inc.,
Independent Community Bankers of America, MasterCard, National Association of
Federal Credit Unions, Navy Federal Credit Union, Shell, Subway, US Bank,
VeriFone, Visa and Wells Fargo & Company.


Seth Eisen, 914-249-3153
Visa Inc. (NYSE: V)
Rosetta Jones, 704-905-3434
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