Chase plans to convert more than 70% of its credit and debit cards to EMV by the end of 2015, the company announced Tuesday.
The migration will mean more than 80% of all Chase cardholder spending will be on chip-enabled cards, the company said. Chase is also upgrading its ATMs to accept the cards.
"Fraud and security threats facing consumer payments today is a complex issue that can't be solved with any single technology," Gordon Smith, CEO of Chase Consumer and Community Banking, said. "We're working to employ a variety of approaches to protect our customers – adopting chip technology is a critical step on this journey."
A recent survey commissioned by Chase found 80% of consumers are concerned about the security of debit and credit card transactions, yet 65% have not heard of chip technology.
The United States has the lowest EMV adoption rate in the world at 7.3%, according to recent data from EMVCo, which manages and tests EMV specifications for chips, payments, card personalization and tokenization.
Earlier this month, however, the Payments Security Task Force said eight major financial institutions expect 63% of their credit and debit cards to have EMV chips by the end of 2015, and virtually all of their cards – 98% – to have the chips by the end of 2017.
In November 2014, the task force predicted that at least 47% of U.S. merchant terminals will be enabled for EMV chip technology by the end of this year.
Chase first began issuing chip-enabled cards in 2011 and now has more than 22 million of them in the market.
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