Our partners at Ingenico published a study in November called, "Infographic: The State of EMV in the U.S." (Shown below.)
Here is a summary of what they found.
In fall 2015, the credit card fraud liability shifted from credit card companies to merchants and vendors. This put stores and retailers that didn’t process transactions with chip card payments at risk. Without adopting EMV technology, they’d be responsible for fraudulent credit card activity.
The transition to EMV chip cards and processors, after an initially rocky start, has made this highly secure technology ubiquitous in only two years.
The Numbers Don’t Lie
According to the EMV Migration Forum, a 92%-dollar volume of overall US payments was made on chip cards as of July 2017. The US Payments Forum reports between 45 and 50% of US card transactions are now chip-on-chip.
Currently, there are approximately 197.4 million active EMV credit cards, and approximately 251.1 million active debit cards. These comprise 98% of US credit purchase volume and 86% of US debit purchase volume, respectively.
Merchants Are Still Catching Up
To be fair, merchant adoption of EMV chip cards has been comparatively less widespread than its consumer use. Only about 52% of US vendors have the technology to process EMV chip cards. Roughly 49% of US credit transactions and 33% of US debit transactions were performed with chip-on-chip.
Two of the brands behind EMV technology, MasterCard and Visa, have reported promising numbers regarding their customers’ adoption of chip cards.
Visa Sees a More Than 400% Increase in EMV Use
Visa shipped more than 420 million chip cards, a 160% increase from last year. Currently, more than 2 million locations accept Visa chip cards, which is a 409% increase since October 2015.
In March 2017, Visa processed 1 billion chip transactions in the US alone, a 330% increase from the previous year. Also, migrated merchants have reported a 58% drop in counterfeit card fraud between now and December 2016.
MasterCard Leads the Charge
MasterCard has reported modestly better adoption numbers to EMV technology. Approximately 1.6 million devices currently accept MasterCard EMV. Like Visa, the adoption has not been as widespread among vendors. About 80% of MasterCard’s current list of top 200 merchants report chip-on-chip transactions, and only 26% of their locations can accept EMV chip cards.
According to the EMV Migration Forum, by the end of 2016, 47% of all MasterCards were EMV. In 2017, that amount has grown by 43%. Currently, 78% of the MasterCard credit cards were EMV; 26% were EMV MasterCard debit cards.
Take a look at the infographic - the source of the data captured in this post - published by Ingenico.