MasterCard Report Shows Strong Adoption for EMV Technology

MasterCard Report Shows Strong Adoption for EMV Technology

April 5, 2016         Written By Lynn Oldshue

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.

Top Features :No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

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.

The information contained within this article was accurate as of April 5, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue