PRINCETON JUNCTION, N.J., Oct. 24, 2014 (GLOBE NEWSWIRE) -- The EMV Migration Forum today released a statement on the Obama Administration's BuySecure Initiative:
"The EMV Migration Forum supports the federal government's BuySecure Initiative, which plans to apply EMV chip technology to newly-issued and existing government payment cards and terminals. This initiative underscores the importance of the work and progress of our cross-industry membership, including payment brands, issuers and retailers, to move the U.S. to chip technology in a cooperative and coordinated manner. We are further encouraged to see member companies' names amongst those that are working with the government to provide services and education that will help improve transaction security. The federal government is setting a good example for the rest of the industry and raising awareness about the protection chip technology provides against in-store counterfeit card fraud."
About U.S. EMV Migration
Commonly used globally in place of magnetic stripe, EMV chip technology helps to reduce card fraud in a face-to-face card-present environment; provides global interoperability; and enables safer transactions across contact and contactless channels. EMV implementation was initiated in the U.S. market in in 2011 and 2012 when American Express, Discover, MasterCard and Visa announced their roadmaps for supporting an EMV-based payments infrastructure. Acquirer processor readiness mandates to support EMV were established for 2013, with liability shifts for managing fraud risk in a face-to-face environment set for 2015.
About the EMV Migration Forum
The EMV Migration Forum is a cross-industry body focused on supporting the EMV implementation steps required for global and regional payment networks, issuers, processors, merchants, and consumers to help ensure a successful introduction of more secure EMV chip technology in the United States. The focus of the Forum is to address topics that require some level of industry cooperation and/or coordination to migrate successfully to EMV technology in the United States. For more information on the EMV Migration Forum, please visit http://www.emv-connection.com/emv-migration-forum/