Some banks and credit unions say they can’t wait for guidance; they’re already moving forward with new technologies. Florida-based JM Associates Federal Credit Union is rolling out contactless chip-based debit cards. “We’ve got to move off of the mag-stripe as much and as soon as possible,” Jim Ryan says. Contactless payments have been tried before in the U.S. and failed to gain significant market acceptance. For each transaction, the chip encrypts and transmits a card number good for only a single transaction.”]
Source: https://www.inforisktoday.com/blogs/new-guidance-or-not-bankers-move-forward-p-860