MasterCard Report Shows Strong Adoption for EMV Technology
It has officially been six months since the United States set the deadline for retailers and card issuers to switch to EMV technology. According to the latest reports from MasterCard, both parties have made significant progress in improving payment card security throughout the country.
Now, more than 67% of MasterCards in circulation have smartchips, representing a 51% increase since October 1, 2015. Chip card readers are now available in 1.2 million locations in the United States, which is 121% more than six months ago. While this may not reflect the number of consumers who actively “dip” their cards instead of swiping, it does show the option for EMV protection is available on a large scale.
Approximately one million local and regional merchants now accept EMV cards, in addition to the major retail chains that offer chip card readers at their registers. This shows significant growth in this technology, considering that only 22% of small businesses were prepared for EMV technology before the October deadline.
Last year, the Payments Security Task Force predicted that 63% of all cards would have EMV chips by the end of this year, and 98% would be chipped by the end of 2017. This would top the adoption rates in other countries that began their EMV conversion several years ago. MasterCard’s current data falls in line with these predictions, which means there could be even more progress to come as America converts to enhanced card security.