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Eight financial institutions that represent about 50 percent of the total U.S. payment card volume estimated on Monday that 63 percent of their credit and debit cards will contain EMV chips by the end of this year, and will expand to 98 percent by the end of 2017, according to the Payments Security Task Force, of which NAFCU is a member.

"The industry is delivering on its commitment to continue to provide a secure and convenient way to pay," said Chris McWilton, MasterCard's president of North America markets. "These numbers show real movement from plans to action as issuers, merchants and others in the payments system engage collaboratively to bring chip cards to the U.S."

The taskforce is a diverse group of participants in the payments industry that is focused on driving a discussion on payments system security. It also provides regular updates on the card issuer forecast and expands the forecast to include perspectives on EMV chip terminalization from acquirers and merchants.

NAFCU believes that data security is the responsibility of all market participants and supports national data security standards for merchants and retailers.

The Payments Security Task Force was announced in March 2014. Along with NAFCU, taskforce participants include: American Express, Bank of America, Capital One, Chase, Citi, CUNA, Discover, First Data, Global Payments Inc., Kroger, Marriott, MasterCard, Navy Federal Credit Union, Sheetz, Shell, Subway, US Bank (Elavon), Vantiv, Verifone, Visa Inc., Walgreens and Wells Fargo & Company.