PRINCETON JUNCTION, N.J.—The U.S. Payments Forum released its winter 2018 market snapshot, which included updates on the status of the U.S. EMV chip migration and contactless payments.
At the Forum’s December 2017 Member Meeting, several of the global payment networks reported that the number of chip-on-chip transactions for credit cards is over 50%, and purchase value is over 60%.
“This can be attributed to the significant growth in merchant enablement seen over the past year. Today, 96% of the top 200 merchants are now accepting chip payments compared to 29% of merchants at the beginning of 2017,” the Forum stated.
In addition to the steady growth in the retail segment, there has also been progress made in other markets, including retail petroleum. U.S. Payments Forum members reported a slight increase in chip transaction volumes at retail petroleum pumps.
“It is encouraging to see new chip transactions at fuel pumps and we anticipate an increase in enablement in this segment in 2018,” said Randy Vanderhoof, director of the U.S. Payments Forum. “As a segment with special implementation considerations for enabling outdoor environments to accept chip, the Forum encourages these merchants to continue with their migration plans to allow enough time to meet the fraud liability shift dates in 2020.”
The U.S. Payments Forum’s Petroleum Working Committee has developed resources to aid the petroleum industry in a smooth migration to chip, including the Petroleum Industry: EMV FAQ, and a webinar recording, “Accepting EMV Chip Payments at the Fuel Pump.”