The payment card brands (Visa, MasterCard, Discover, and American Express) have mandated the change from mag stripe based payments to chip cards. The mandatory change will begin in 2015. Some financial institutions are assuming that their vendors and suppliers will take care of everything and the financial institution will not have a major role in the chip card conversion……WRONG.
Every financial institution, payment network, card brand, processor, card vendor, plastics supplier, ATM manufacturer, ATM servicer, and software supplier in the payment world is making changes to support Chip Card based payments. Plan now, start early, and finish on schedule.