EMV: Chase Begins Issuing EMV Debit Cards


Banking giant JP Morgan Chase & Co. has begun issuing EMV debit cards, with plans to convert its entire debit card portfolio of 34 million cards to chip by the end of 2016, Chase announced Tuesday. Chase began testing chip-enabled debit card issuance in Arizona and Illinois two months ago, a Chase spokesman tells Digital Transactions News. Chase expects 70% of its debit cards to have chips by year’s end. The spokesman would not say how much the EMV debit conversion will cost Chase. One estimate is that a chip card may cost between $3 and $7 to issue. On the low end, the conversion thus might cost $102 million.

Chase debit card holders with lost, stolen, damaged, or expired cards will receive the chip versions first, as will consumers opening new accounts. “Our mass reissuance will occur in the next 12 months,” the spokesman says. The plans also call for converting Chase’s Liquid prepaid cards to chip.

EMV is meant to better secure point-of-sale transactions by migrating credit and debit cards from magnetic-stripe payments to chip ones. Issuers are expected to dramatically increase the number of chip-enabled credit and debit cards over the next several months in anticipation of the payment card networks’ Oct. 1 liability shifts that will place the onus for fraudulent transactions at the point of sale on the party, whether it’s the merchant or acquirer, least prepared for an EMV transaction.

CardWorks Acquiring – Merchant Services continues to work with our industry partners to provide merchants with affordable, easy-to-implement EMV solutions with the industry’s best security capabilities. To ensure your equipment is EMV compliant, contact CardWorks Acquiring Merchant Support today at (866) 210-4625 X1 or via email at merchantsupport@cardworks.com.

Want to read the rest of this story? Check out Digital Transactions.

MasterCard Makes Analytics Deep Dive With a $600 Million Acquisition

MasterCard Inc. announced Monday it is spending $600 million to buy Applied Predictive Technologies Inc., an Arlington, Va.-based company that provides analytics services to retailers, financial institutions, and other companies.  The deal, expected to close in the second quarter, provides MasterCard with yet another service for merchants.

“Merchants, like financial institutions and governments, are one of our core customers,” a MasterCard spokesman tells Digital Transactions News in an email. “Applied Predictive Technologies’ world-class talent, technology, and Test & Learn platform, matched with MasterCard’s analytics, will give our customers the advantage of enhanced and operationalized decision making.”

Test & Learn is a cloud-based software tool that enables clients to test various scenarios. Among them is a basket analyzer that can help retailers determine which products to promote and which to eliminate and options for structuring promotions. Another scenario might be quantifying the impact of online advertising on in-store sales.

MasterCard says Applied Predictive Technologies now will have access to MasterCard’s analytics tools, consulting, and marketing services. Applied Predictive Technologies also has office in San Francisco, London, Taipei, Taiwan, Tokyo, Sydney, and Bentonville, Ark.


From Digital Transactions

Apple Pay Progress Report

Since the debut of Apple Pay in October 2014, analysts have kept a watchful eye on this promising entrant in the mobile contactless payments field. Four months after the launch, consumer adoption of Apple Pay has reached 11 percent of cardholder households and 66 percent of iPhone 6 owners, according to research conducted by Phoenix Marketing International.

Phoenix revealed that during the first four months, 82 percent of early adopters had linked credit cards to Apple Pay, 53 percent debit cards and 20 percent general purpose re-loadable prepaid cards. Entering month five, 31 percent of iPhone 6 owners who signed up for Apple Pay still had not attempted to link a card, and 3 percent who had made an attempt failed in the process, leaving room for more users to link cards in the future.

Moving to the next stage in Apple Pay mobile commerce, 88 percent of consumers who set up an Apple mobile wallet within the first four months of launch went on to make in-store or in-app purchases, raising the conversion rate for a new mobile wallet scheme above 50 percent for the first time, according to analysts.

Read the story at GreenSheet.com

ETA Transact15 to spotlight future payment technologies

Once upon a time, the payments industry was easy to understand – plastic credit cards. Today, your mobile phone, watch, TV and even your car can pay for things. Consumers are paying with social media, digital currency, and connected devices. Do you understand today’s payments environment? You need to connect with, touch, and explore the payments technology that consumers and merchants will be using tomorrow. The only place to see it all is at TRANSACT 15. From Intel’s “Internet of Things” payments technology to Visa’s payments-connected car, today’s payments ecosystem is displayed on the largest show floor in payments industry history at TRANSACT 15.

Read the Story at greensheet.com


Why Payments Are Crucial

The Numbers Seldom Tell the Story. Of all the statistics published about payments, none specifically provides an indication of whether or not banks are holding on to their payments franchise. One statistic, however, shapes the debate (or should): The total number of payments made expands no faster than needed to match the expansion of the economy, meaning every payment initiated using a new method is a payment not made via some other method, new or old.

Read the Story at digitaltransactions.net

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