JPMorgan to convert Chase cards to chip technology
JPMorgan Chase & Co. (JPM) says it expects to convert more than 70 percent of its Chase credit and debit cards to chip technology, which is seen as more secure, by the end of 2015.
The company said more than 80 percent of total Chase cardholders' spending will be on chip-enabled cards and it is also upgrading its ATMs to accept chip cards. The card has additional encryption technology through the chip, making it more difficult to steal information.
A series of high-profile data thefts and increased the focus on security among large companies, especially banks. The chip security technology for payment cards is more common in other countries but is expected to become increasingly common in the U.S. in coming years.
Customers who do not already have a Chase chip debit or Liquid card will receive one in the mail during the next 12 months, Chase said. It already embeds chips into most of its new credit card products.