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Updated: Friday, October 17, 2014

EMV gets a boost from Obama

On Oct. 17, 2014, President Barack Obama signed an executive order directing that the federal government lead by example and implement chip and PIN technology for government-managed credit and debit card programs. In a speech at the Consumer Financial Protection Bureau, Obama laid out the BuySecure Initiative, which, in part, will mandate chip and PIN as the security standard for such programs as Direct Express, the prepaid debit card program that electronically distributes government benefits to recipients.

The initiative will undoubtedly provide more momentum for card issuers and merchants to transition their hardware and software to the Europay/MasterCard/Visa (EMV) chip and PIN protocol.

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