Mastercard is extolling the virtues of EMV technology and is highlighting its efforts in helping countries adopt the chip terminal system. According to Chiro Aikat, Senior Vice President of product delivery for EMV at Mastercard, EMV technology consistently brings “significant reduction in counterfeit card fraud.”
Although EMV transaction systems are fast, Mastercard plans to work with payments networks, acquirers and processors to increase transaction times using the company’s recently announced M/Chip Fast solution. This solution allows authentication to occur in just one step instead of two, and the consumer can remove the card before the transaction is completed. Mastercard confirmed there are already merchants putting the M/Chip Fast solution to work.
Here are the data from Mastercard:
150 | The number of countries that Mastercard has helped to adopt EMV
88% | The increase in chip card adoption since the EMV liability shift on Oct. 1, 2015
80% | The number of U.S consumer Mastercards that are now enabled with chips
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30% | The percentage of the total merchant population that are chip-active in the U.S.
1.7 million | The number of chip-active merchant locations
