The major payments networks set the path for the US payments industry to begin the shift to EMV chip cards in 2011. One of the leading factors was that chip technology is extremely effective in reducing counterfeit fraud, which was the leading type of fraud in the US at the time.
During the most recent period ending in June 2018, Visa saw continued growth across the number of chip cards and chip-enabled merchants, payment and transaction volume since before the shift to EMV chip launched in October 2015. Counterfeit fraud also declined sharply.
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