It’s been three years since financial institutions, merchants and consumers were encouraged to shift away from the familiar swiping of payment cards in terminals to inserting cards with EMV® (which stands for Europay, Mastercard and Visa) chips, and since then the industry has made significant strides in rolling out chip-enabled cards and point-of-sale systems.
One of the leading factors that encouraged the adoption of chip technology in 2015 was its effectiveness in reducing counterfeit fraud, which was the primary type of fraud in the United States at the time. Since the EMV shift, the adoption of chip technology has reduced card-present counterfeit payment fraud by a whopping 82 percent at chip-enabled merchants.
Visa anticipates continued adoption as merchants implement point-of-sale terminal upgrades and issuers send new chip-enabled payment cards to cardholders with non-chip cards that expire soon. To see the latest EMV chip card adoption and counterfeit fraud statistics, check out the infographic below.
The same security technology used in chip cards that fights counterfeit fraud is also available in contactless payment cards, which allow users to simply “tap” on the terminal to make a payment. Learn about contactless and recent progress towards adoption.