EMV standard adoption is increasing globally with 58.9% transactions made over the year period

6 December 2017

EMVCo, a technical body that facilitates global interoperability and secure transactions by managing EMV standard for smart cards, reported the figures for the period from July 2016 through June 2017, which reveals that 58.9% of card present transactions were made over the given time span using EMV-chip-based cards. The figures included both contact and contactless payments overseen worldwide.

According to the report published by EMVCo, the benchmark of 58.9% exceeds that of the previous year that accounted for 42.4%. However, the technical body made a notation that the rate may be not very accurate, as the adoption of EMV technology is still ongoing and it means that the final volumes may be higher for the whole year.

Jack Pan, speaking for EMVCo, notes that the transaction volume data recorded recently serves as the proof of worldwide adoption of EMV chip technology as the basis for contact and contactless payments.

Other statistics show that the United States was lagging behind other countries in adopting EMV-chip cards, yet the volumes of transactions increased substantially from 7.2% in 2016 to 31.4% in 2017. European nations showed the rates coming in the range of 89 to 98%, Middle East comes at the top with 90.9%, Canada, Latin America and the Caribbean are at 87% level.

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