FOSTER CITY, Calif.—Since their introduction chip cards have reduced counterfeit fraud by 87%, Visa reported.
Chip cards are now accepted at more than 3.7 million merchants, whereas in September of 2015 that number was only 392,000, Visa said.
“That's an 825% increase. The number of active Visa chip cards is up significantly: from 159 million in September of 2015 to 521 million in June of this year. That's a 227% increase, and 72% of Visa credit and debit cards have chips,” Pymnts.com stated in its analysis. “They're becoming increasingly more common. In fact, 99% of all U.S. payment volume in June was done on EMV cards.”