Thursday, January 18, 2018 | Today's Vending Industry News
U.S. Experiences Rapid Growth of EMV Transactions

Posted On: 12/13/2017

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EMVCo has published transaction data showing that 58.9% of card-present contact and contactless transactions globally were EMV-enabled between July 2016 and June 2017. This represents an increase over the prior year's data that indicated just 42.4% of transactions were EMV-enabled.

"The most recent transaction volume data indicates that we are moving towards EMV chip technology becoming the foundation for contact and contactless card-present payments worldwide," said Jack Pan, EMVCo executive committee chair. "As EMV chip migration approaches maturity across the globe, EMVCo continues to work with the payments community to evolve the EMV Chip Specifications to promote a secure and interoperable basis for mobile payments and other emerging payment technologies and meet the long term needs of the payments ecosystem."

The new data shows that the U.S. experienced the largest year-over-year increase, with 31.4% of transactions EMV-enabled, compared to 7.2% in the same period the prior year. Other regions, where EMV has been deployed for longer periods of time, have substantially higher percentages of EMV-enabled transactions. This includes Europe Zone 1 (Western Europe), 98.2%; Africa and the Middle East, 90.9%; Europe Zone 2 (Eastern Europe), 89.1%; Canada, Latin America and the Caribbean, 87.0%; and Asia, 56.2%.

EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, and focuses on the technical advancement of the EMV Specifications. As a global technical body, EMVCo facilitates the worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV Specifications and related testing processes.

For additional information regarding EMVCo and adoption of EMV technology, visit the EMVCo website at www.emvco.com.