EMV Card Information

In the near future, NDFCU will be implementing EMV technology. If you have not already heard or read about the latest chip technology, here’s the scoop:

  • EMV stands for Europay, MasterCard & Visa – U.S. card issuers are migrating to this technology to protect consumers and reduce the costs of fraud
  • The chipped cards are significantly harder to counterfeit
  • The small, metallic square located on cards is a computer chip. These chips create unique transaction codes that cannot be used again, unlike traditional magnetic stripes that contain data that can be replicated
  • Instead of swiping your card, you will insert your card into a terminal slot and wait for it to process. This is referred to as ‘card-dipping.’ Click the link to watch a short YouTube video.
  • EMV has decreased fraud from counterfeit card and card present transactions.

We will keep you updated as to when any changes to our cards will take place.

1.2 billion: Estimated number of credit and debit cards that have to be upgraded to chip cards.

15 million: Estimated number of point-of-sale terminals that have to be upgraded to accept chip cards.

$6.75 billion: Estimated cost of replacing the 15 million POS terminals with chip card-compliant machines.

37%: Estimated percentage of merchant locations currently ready to process chip card payments.

25%: Percentage of US. debit cards issued as EMV cards by the end of 2015.

70%: Percentage of consumers with a chip card as of March 31, 2016.

$3.50: Average cost for issuing a new EMV card.

$500-$1,000: Average cost of an EMV-compliant point-of-sale terminal.

Sources: Payments Source, Payment Security Task Force, Visa; Ingenico Group; Smart Card Alliance, First Data, The Strawhecker Group, CreditCards.com research