Chase to convert 70 pct. of cards from mag-stripe to chip by year end
Chase has announced plans to convert more than 70 percent of its credit and debit cards to chip technology by the end of 2015. The bank also is upgrading its ATMs to accept chip cards, according to a press release.
The FI was the first U.S. credit card issuer to issue chip-enabled cards and now has more than 22 million chip-enabled cards in market, the release said.
According to a recent survey commissioned by Chase, 80 percent of consumers are concerned about the security of debit and credit card transactions, yet 65 percent have not heard of chip technology, highlighting the need for additional education. Among those surveyed who understand the purpose of EMV, three in four (76 percent) believe the technology will help small businesses by preventing fraud.
Customers who do not already have a Chase chip-enabled debit or Liquid prepaid card will receive one in the mail within the next 12 months. Chase already embeds chips into most of its new credit card products and plans to have the majority of its credit cards chip-enabled by the end of the year, the release said.