Visa reported a 70% decline in counterfeit card fraud for chip-enabled merchants, and 96% of Visa payments made use chip-enabled cards according to a report from the U.S. Payments Forum.
The Princeton Junction, N.J., based Forum in its spring 2018 market snapshot, provided updates on the status of the U.S. EMV chip migration and contactless payments, through a member survey, and recently-released resources for the payments industry.
The Forum snapshot reported 59% of U.S. point-of-sale locations accept chip cards, a 578% growth since the October 2015 liability shift; and according to the ATM Industry Association, 91% of U.S. ATMs are now EMV-capable and 86% of ATMs accept chip-on-chip transactions. This represents a significant improvement for ATMs from an estimated 19% at the beginning of 2016 and 58% at the beginning of 2017.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
