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U.S. Banks and Merchants: Now Is the Time for EMV-Chip Card Migration

GPS for EMVInnovation, data security and protecting cardholders from fraud are core to MasterCard’s mission in delivering electronic payments that are safe, simple and secure.  In the U.S., the continued migration from magnetic stripe cards to EMV is instrumental in upgrading the safety of the electronic payments infrastructure, as well as improving the overall foundation to allow for the next generation of products and services.

Most recently, MasterCard reaffirmed its mission through a letter to financial institutions, merchants and other customers, whereby Chris McWilton, MasterCard president, North America, outlined the company’s commitment to maintaining the current timeline and liability shift milestones for the U.S. EMV-Chip migration.  While there have been some questions on how the current uncertainty regarding U.S. debit routing requirements may impact the implementation of EMV, McWilton outlined the need to maintain progress toward the upgrade of the U.S. market that will “drive both innovation and security for all of us and, more importantly, consumers and cardholders…As we’ve seen recently, the fraudsters will not delay their activities.”

Additional perspective on the commitment can be found in this USA Today article and PaymentsSource.com.

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