U.S. Payments Forum Resource Addresses Global Chip Supply Challenges, Payments Industry Response
White paper explores potential considerations to lessen long-term impacts on the payments landscape
ENGLEWOOD, Colo., April 13, 2022 (GLOBE NEWSWIRE) — Global semiconductor supply challenges are persistent and wide-reaching, affecting numerous industry sectors for nearly two years. The U.S. Payments Forum today announces the release of its new resource addressing these chip supply challenges, the potential impacts on the payments ecosystem and considerations for payments industry stakeholders to help mitigate shortfalls through the coming months.
The white paper, “Global Chip Supply Challenges: Considerations for Payment Industry Stakeholders,” is available for download on the U.S. Payments Forum website. The free resource is accessible to both members and non-members.
The median chip inventory companies have on hand fell from a 40 day supply in 2019 to less than five days in 2021, according to a recent report by the U.S. Department of Commerce. For the payments industry, the challenge is impacting the availability of the security chips used in payment cards, point-of-sale (POS) terminals and other devices.
“Chip shortages are expected to remain through 2023 and may even continue into 2024,” said Jason Bohrer, executive director of the U.S. Payments Forum. “Digitization is not slowing down and the demand for secure payment technologies that incorporate these chips is rising. This white paper will help stakeholders all along the supply chain sharpen their plan of action and identify the key considerations related to their specific role in the payments stakeholdership.”
This resource includes the following:
- A timeline exploring the critical factors that may have contributed to the industry-wide chip supply challenges
- Unique considerations and next steps for payments industry stakeholders, including chip suppliers, card and terminal manufacturers, issuers, payment terminal merchants, processors and personalizers
- Risks and challenges associated with each of the aforementioned stakeholders as they navigate chip supply issues
- Suggested approaches for communicating with consumers in light of the chip supply challenges
“Global Chip Supply Challenges: Considerations for Payment Industry Stakeholders,” was developed by the Global Chip Supply Challenges Working Group and led and endorsed by the U.S. Payments Forum’s Steering Committee. The Steering Committee manages the Forum and guides the priorities of the organization and its working committees which include ATM, Communication and Education, Debit Routing, Mobile and Touchless Payments, Payments Fraud, Petroleum, Testing and Certification and Transit Contactless Open Payments.
Organizations, associations, government agencies and individuals interested in participating in upcoming projects and initiatives can visit the Forum website to learn how to become a member. For membership levels, benefits and the application, visit the membership page.
About the U.S. Payments Forum
The U.S. Payments Forum is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.
Contact
Sherlyn Rijos
Montner Tech PR
203-226-9290
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