PRINCETON JUNCTION, N.J.—The growth of EMV continues to spread across the country, according to a new report.
Visa stated that 96% of Visa payment volume at the point-of-sale is made using chip-enabled cards; 59% of U.S. point-of-sale locations accept chip, an impressive 578% growth since its October 2015 liability shift; and there has been a 70% decline in counterfeit card fraud for chip-enabled merchants.
The U.S. Payments Forum has released the information in its spring 2018 market snapshot. In the report, the Forum said that according to the ATM Industry Association, 91% of U.S. ATMs are now EMV-capable; and 86% are accepting chip-on-chip transactions.
“This represents significant improvement from an estimated 19% at the beginning of 2016 and 58% at the beginning of 2017,” the Payments Forum said.
“As in-store and ATM chip enablement continue on a positive trend, the industry is focusing on streamlining existing implementations to improve the customer experience and overall efficiency. Another focus is on the future of the chip migration for industry segments with special considerations, like pay-at-the-window and pay-at-the-pump,” the Forum added.