Payments

U.S. EMV adoption could take off quickly once acceptance reaches a critical mass, say several payments analysts who share advice on implementing the chip card.

While magnetic stripe data can easily be skimmed, criminals can't do the same from a chip card.

As EMV moves closer to implementation in the U.S., there is some debate over whether chip and PIN or chip and signature will emerge as the preferred card technology.

While some payments analysts have said mobile payments could grow quickly and prompt the U.S. to skip right past chip cards, one person suggests that the advance of mobile could actually speed the adoption of EMV.

The costs for EMV plastic are expected be higher than mag stripe, especially in the early going. But wait too long to jump in and the CU may lose transactions to competitor's EMV cards.

Aris Jerahian, VP of client relations at The Members Group, in a white paper titled "Chip Card Debate: U.S. Weighs Benefits of PIN and Signature Formats," cites five considerations for financial institutions thinking about migrating to EMV.

When cardholders believe their payment method is more secure, they use it more.

United Nations FCU migrated to EMV more than a year ago and usage on its credit card portfolio has increased 30%, while revolving balances are up 25%.

Paul Yang, CEO of Premier Community CU in Stockton, Calif., was named winner of the $10,000 THINK Prize from CO-OP Financial Services last week.

MOLINE, Ill. – Deere Employees CU said it renewed its contract with The Members Group for debit card processing.

CHATSWORTH, Calif. – Premier America CU has renewed its contract with TMG for credit and debit card processing.

Cross-border spending and a healthier U.S. credit card market helped boost Visa Inc.’s fiscal second-quarter earnings, the card brand announced Wednesday.

PURCHASE, N.Y. – MasterCard yesterday said it removed Global Payments Inc., the transaction processor involved in a recent major data breach, from its list of approved service vendors.

PURCHASE, N.Y. – MasterCard reported a 25% surge in first quarter earnings yesterday, as consumers spent more with their cards and revenue rose faster than expenses.

SAN FRANCISCO – Cards giant Visa reported a 47% jump in fiscal second quarter earnings yesterday to $1.29 billion, fueled by a big boost in consumer spending.

BOCA RATON, Fla. – While data released by the Federal Reserve indicates 99% of credit unions (those of less than $10 billion in assets) have not seen any decrease in interchange income as the result of the Durbin Amendment, one person is urging CUs to prepare for decreases to come.

WASHINGTON–When the Consumer Financial Protection Bureau recently announced it planned to scale back proposed limits on credit card fees, consumer groups and some in the media immediately criticized it.

Digital security provider Gemalto N.V. anticipates its new partnership with three companies in Mexico will provide more opportunities throughout Latin America to help provide mobile financial services.

WASHINGTON – The Consumer Financial Protection Bureau is seeking input for a study that could pave the way for new limits on consumer arbitration clauses.

This article has been updated from its original version.