NMAs representative, CEO Heather Peterson, will address issues focused on EMV migration, which is talked into one year after the liability shift, as part of the Electronic Transaction Association (ETA) Annual Capitol Hill Fly-in on 21 September 2016.
Migrating USs more than 5 million merchants and 1.2 billion credit and debit cards over to chip technology is an enormous task that is unprecedented in its complexity and scale, requiring many independent players working together. The migration was announced in 2011 and officially started on 1 October 2015. According to the ETA:
• The majority of US citizens report they already have at least one chip card.• 2 million, or 33%, of active merchant locations in the US have upgraded to chip readers. Nearly three quarters of these merchants are small businesses. • Counterfeit fraud costs have decreased more than 50% at US retailers who have completed or are close to completing EMV adoption• Merchants who have not yet migrated are seeing a 70% increase in in-store counterfeit card fraud.
“National Merchants Association is dedicated to helping merchants and agent partners grow their businesses by generating sales opportunities and maximizing profits, which includes supporting them with the EMV transition and helping them to mitigate fraud,” Petersen added.
Petersen currently serves as Chair of ETA Professional Development Committee and is a member of ETA’s Women’s Network in Electronic Transactions (Wnet). Also participating in the ETA Capitol Hill Fly-in from National Merchants Association are Jacob Bennett, VP of Risk and Underwriting, and Brian Randolph, chief technology officer.
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