Chip Card Payments Grew 230% Per Year From 2012-2015

Chip Card Payments Grew 230% Per Year From 2012-2015

December 29, 2016         Written By John H. Oldshue

The deadline for EMV technology in credit and debit cards was not until October 2015, but significant growth in the distribution of chip cards took place in the years leading up to that deadline.

According to the 2016 Federal Reserve Payments Study, chip card payments grew an average of 230% per year from 2012 to 2015. But payments with chip-based cards only accounted for 2% of general purpose payments made in person in 2015.

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The study noted that counterfeiting fraud, “the most prevalent type of in-person card fraud in the United States,” was much lower in other countries that have consistent use and adoption of chip technology. If the United States could increase the volume of smartchip card payments, the country could see dramatic improvements in credit card security.

As a whole, noncash payments in the United States now represent $178 trillion in annual spending, up $17 trillion since 2012.

The volume of credit card payments increased by 6.9 billion between 2012 and 2015, with an average annual growth rate of 8%. Combined, the volume of credit and debit card payments increased by 19.9 billion and $1.07 trillion in that three-year span. In 2015, card payments accounted for more than 2/3 of noncash payments in America.

The number of credit and debit card transactions increased between 2012 and 2015 for both in-person and card-not-present payments. The same can be said for prepaid debit cards, though that market has been declining. The annual growth rate for prepaid debit cards is now down to 2.3%, “the slowest growth rates for the category…since 2000.”

The information contained within this article was accurate as of December 29, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About John H. Oldshue

John Oldshue is the creator of He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for
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