$8 Billion - The cost of moving to EMV has been previously estimated by Javelin Strategy and Research at a total of $8 billion.
The National Retail Federation played some misdirection after the breach, blaming it on magnetic stripe cards while accusing banks of slowing down the migration to EMV. EMV technology would not have prevented many of the malware attack that Target experienced. But EMV has led to major reductions in card fraud in countries that have adopted it. The major obstacle to EMV adoption here in the U.S. remains the very high cost, and just who exactly is going to pay for it.
[For More on the Target Breach: ”Banks and Retailers Face Off Over Target Breach and EMV Adoption”]
The migration would involve $6.75 billion in costs for replacing 15 million point-of-sale devices, $1.4 billion in replacing 609 million credit and 520 billion debit cards, and $500 million for upgrading 360,000 ATM’s across the U.S.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio