FOSTER CITY, Calif.—EMV compliant card present transactions are inching up globally.
According to a new report from EMVCo, the technical body that manages EMV specifications, from July 2015 to June 2016, 42.4% of transactions globally were EMV-compliant, compared with 33% for the previous 12 months.
For a transaction to be considered EMV compliant, both the card and terminal used must be EMV enabled.
EMVCo said real-time figures for transaction volumes today are likely to be higher than the July 2015 to June 2016 reporting period, given ongoing adoption of technology, according to a report by Mobile Payments Today.
"The progress of EMV chip technology worldwide promotes the implementation of an interoperable payments framework, supporting an advancing range of payment methods, technologies and acceptance environments," said Soumya Chakrabarty, EMVCo executive committee chair, in the release. "In addition to increasing global usage, the most recent data shows rapid adoption of EMV technology in regions that have recently implemented EMV chip infrastructures, such as the U.S. and China."
EMVCo forecast compliant transaction numbers to continue to increase through the coming year, may lead to global EMV transaction volumes exceeding half of all card present payments, the company said.