Nearly 100% of U.S. Card Transactions Now on EMV Cards
Visa has released the latest Chip Card Update, which provides an overview of smartchip payment cards in America. As of June 2018, 97% of card payments in the United States are now made with EMV cards.
Two-thirds of U.S. stores now accept chip cards, totaling 3.1 million locations. That is a 680% increase since September 2015, just before America made the switch to EMV technology. In June 2018, there were $76.7 billion worth of chip card transactions in America.
One of the main reasons the country transitioned to chip cards is to provide superior security to magnetic strip cards. As EMV technology continues to grow, fraudulent transactions decline. Merchants that have made the switch have seen a 75% drop in counterfeit fraud, reducing fraud rates for all merchants by 46%.
Counterfeit fraud refers to transactions on a duplicated credit card. These copies were easier to make when magnetic strip cards were prevalent. Encryptions on EMV chips make these cards much more difficult to duplicate, which is why many fraudsters are now turning to card-not-present fraud.
There are currently 499.7 million Visa chip cards in circulation, including 210.6 million credit cards and 289.1 million debit cards. That represents a 214% increase since September 2015.