EMV adoption is well on its way one year after the introduction of chip-enabled cards, and more adopters will jump on for the ride following Mastercard’s press release on Sept. 12. Mastercard reports that banks, consumers and merchants are all experiencing a positive impact and a drop in fraud from the use of chip cards.
Most U.S. consumer credit cards are now chip cards, a 105 percent increase since Oct. 1, 2015. Of the 2 million merchants who are chip-enabled, 1.3 million are regional and local locations. However, larger merchants that have not yet adopted EMV have seen their counterfeit fraud costs rise by almost 80 percent. They may want to make the change sooner rather than later.
Here are the numbers:
159% | The percentage of chip-active merchants in the Mastercard network that are regional and local locations
90% | The percentage of Americans that commonly use chip cards, up by almost 40 percent year over year compared to 2016
88% | The percentage of Mastercard U.S. credit cards that are chip cards, an increase of 105 percent since Oct. 1, 2015
77% | The percent increase in counterfeit fraud costs year over year for larger merchants that have not yet adopted EMV
54% | The percent decrease in retailer counterfeit fraud costs from April 2015 to April 2016
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