EMV adoption is on the rise. Surprisingly, the smaller merchants are adopting at quicker pace. About 50% of cards in public hands are EMV now. Retail credit card fraud is down about 58% directly due to EMV.
Tripling in One Year, Visa Chip Card Transactions Surpass 1 Billion in March
By Kevin Woodward
The seemingly plodding U.S. migration to the EMV chip card standard may not be so plodding after all. Visa Inc., in data released Friday, says consumers made 1 billion Visa chip card transactions in March, a tripling of the 303.3 million in March 2016.
The number of transactions has steadily increased since December 2015, when there were 230.7 million EMV credit card transactions. Current numbers include credit and debit volume, but earlier data included only credit cards because there were so few EMV debit cards in issue.
Payment volume, however, dipped slightly. Chip card payment volume at $49.1 billion in March was 8.7% less than the December total of $53.8 billion. Consumers traditionally increase their spending at retailers in the fourth quarter compared with other quarters.