All
four of the major U.S. card networks have announced plans to
migrate to chip-based cards from magnetic stripe, coinciding with payment processor
mandates by 2013 and other expected changes by 2015, when industry sources
expect a "tipping point" for the switch. "We have seen in other
markets around the world that cooperation and alignment of all participants’
activities are necessary to ensure that the migration to EMV-enabled cards,
devices, and terminals is efficient, timely, and effective," according to
Smart Card Alliance executive director Randy Vanderhoof. Industry stakeholders
have called for a neutral forum to play this role for the U.S. market." An
independent, cross-industry organization, the EMV Migration Forum is open to
financial card issuers, payments processors, merchants, acquirers, payment
networks, industry suppliers, associations and consumers. It is expected to
meet at least quarterly for three to five years, starting Sept. 12-13 at
MasterCard Worldwide headquarters in Purchase, N.Y.