Report: 70% of financial cards have chip

Report: 70% of financial cards have chip — International Card Manufacturers Association — “Chip cards represented 88.6% of revenue for cards globally manufactured in 2016… SIM cards make up the largest dollar market at $6.53 billion and the third largest unit market at 5.4 billion cards. Financial cards make up the second largest unit market and dollar market at 5.5 billion cards and $5.1 billion.”

  • Willam Hugh Murray, CISSP

    At least in the US, 100% of those cards have credit card numbers in the clear on a magnetic stripe. An American Express person told me that they did not even have the capability to order a card with no magnetic stripe. The brands and issuers have no announced plan or schedule to issue cards without this gaping vulnerability.

    While chips make some transactions more secure, our retail payment system remains broken as long as backward compatibility trumps security.

    One hopes that a consumer shift to mobile payments will compensate for the industry failure.