Here's What Will Change When The US Switches Over To The New EMV Chip On Credit Cards

The U.S. is facing a massive overhaul in payment card security in the next few years intended to combat soaring fraud costs.

Called EMV, or the “chip card” standard, the new technology will be most recognisable as a chip on credit and debit cards. The chip works as an embedded microprocessor, and is already widely used around the world.

In a new report from BI Intelligence, we look at what the EMV standard is, how much it will cost to implement, how much it could save in terms of mitigated fraud, and whether or not the upgrade will ultimately be worth its cost.

For the U.S. to adopt the standard, banks, processors, and merchants will have to upgrade their systems to accept and process chip card transactions. It’s not a small task and could end up being an enormous financial burden.

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Here are some of the key takeaways from the report:

In full, the report:

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