Finextra News: 59% of Card Present Transactions Globally Use EMV Chip Technology13th December 2017
Technical body 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, when 42.4% of transactions were EMV-enabled.
The data reflects average transaction volumes over a 12-month period to account for seasonal variations. Given the ongoing rate of EMV chip technology adoption, EMVCo acknowledges that real-time figures for transaction volumes today are likely to be higher than the reported June 2017 figure.
Jack Pan, EMVCo Executive Committee Chair, comments: “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. 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 latest EMVCo data shows that the United States experienced the largest year-over-year increase, with 31.4% of transactions being EMV-enabled, compared to 7.2% in the same period the prior year. Other regions, where EMV has been deployed for a longer period of time, have substantially higher percentages of EMV-enabled transactions. This includes Europe Zone 1, 98.2%; Africa & the Middle East, 90.9%; Europe Zone 2, 89.1%; Canada, Latin America & the Caribbean, 87.0%; and Asia, 56.2%.