The Payments Security Task Force has released its latest update from payment card issuers, acquirers, and merchants on the U.S. move to chip technology.

According to a MasterCard press release, the PST's eight financial institutions — which represent approximately half of U.S. payment card volume — reported that 30 percent of their U.S. consumer credit and debit cards contained EMV chips as of June 30.

The proportion of EMV cards is expected to double to 60 percent by the end of the year, and to 98 percent by the end of 2017.

"The latest forecast demonstrates the tremendous progress made to make chip cards a reality in the U.S.," said Chris McWilton, MasterCard president for North American Markets. "MasterCard Consumers are the winners, as issuers and merchants are both working to deliver greater protections when paying for a purchase."

Merchant adoption of EMV is lagging behind card issuance, however. A survey of PST acquirers estimates that approximately 40 percent of their terminals will be capable of accepting chip cards by the end of the year.

Payment Security Task Force participants include American Express, Bank of America, Capital One, Chase, Citi, Credit Union National Association, Discover, First Data, Global Payments Inc., Kroger, National Association of Federal Credit Unions, Marriott, MasterCard, Navy Federal Credit Union, Sheetz, Shell, Subway, U.S. Bank (Elavon), Vantiv, VeriFone, Visa Inc., Walgreens, and Wells Fargo & Company.