PURCHASE, N.Y.–(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
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
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
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
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MasterCard Media Contact:
Beth Kitchener, 914-249-2058