Central Banking

Atlanta Fed welcomes faster card chip migration

federal-reserve

Recent plans by major credit card providers to accelerate chip migration in the US will provide greater clarity on the direction merchants will be moving in, the Atlanta Federal Reserve said on Monday.

In a note published on the Portals and Rails blog, which is sponsored by the Atlanta Fed's Retail Payments Risk Forum, Cindy Merritt, its assistant director, said the growing incidence of global card fraud schemes was drawing critical attention to the need to overhaul the US card payment system.

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