MasterCard Sees Continued Momentum in U.S. EMV Adoption
March 31 2016 - 12:09PM
Business Wire
Americans are quickly embracing EMV chip cards, just six months
after the latest milestone in the migration timeline. While
consumers increasingly dip their cards to pay in-store, progress
has been made by both card issuers and merchants.
Today, MasterCard provided an update on how its cardholders,
partners and customers are adopting the safer, more secure EMV chip
technology:
- More than two-thirds – 67
percent – of U.S.-issued MasterCard-branded consumer credit
cards now feature chips.
- This represents a 51 percent
increase in the number of consumer credit cards with chips in
market since the October 1, 2015 liability shift.
- Consumers can use their chip cards in
more places, as 1.2 million U.S. merchant locations – an
increase of 121 percent – have turned on their terminals and are
accepting chip card payments.
- In addition to national retail chains,
approximately one million local and regional merchant
locations are accepting chip cards.
“Chip technology is an essential upgrade to better protect
consumers and businesses,” said Catherine Murchie, senior vice
president of North American Enterprise Security Solutions for
MasterCard. “Other countries that have already adopted chips have
seen significant reductions in counterfeit card fraud over time –
as much as 60, 70 or even 80 percent. The U.S. industry continues
to work together on EMV to generate similar results.”
MasterCard introduced its EMV and future of payments roadmap
more than four years ago. Since then, the company has worked with
merchants, financial institutions, acquirers, processors, terminal
manufacturers and other industry players to prepare for these
technology enhancements.
In 2015, the Payments Security Task Force projected that 98
percent of cards issued in the U.S. would feature chip technology
by the end of 2017. This would top adoption rates by regions and
countries that began implementing chip technology decades ago.
Merchant EMV terminals adoption continues on track as projected in
other Payment Security Task Force studies.
About MasterCard
MasterCard (NYSE:MA), www.mastercard.com, is a
technology company in the global payments industry. We
operate the world’s fastest payments processing network,
connecting consumers, financial institutions, merchants,
governments and businesses in more than 210 countries and
territories. MasterCard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20160331006104/en/
MasterCard Media Contact:Beth Kitchener,
914-249-2058beth_kitchener@mastercard.com
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