Visa has recently reported that the number of locations that accept EMV cards in the US has increased from 3.1 million to 3.7 million during H1 2019. In total, some eight in ten storefronts now accept chip cards, an increase of 12% since December 2018.
Banks issuing Visa cards put 10 million EMV-enabled cards in the hands of American consumers between December and June 2019, Visa said. That brings the total number of chip cards in circulation to 521.7 million in the US, or 72% of total Visa credit and debit cards.
Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011. That’s good news for everyone but fraudsters. The latest data shows that Visa payment cards with an embedded EMV chip has had a significant impact on counterfeit fraud.
Overall US payment volume is overwhelmingly spent on EMV cards; 99% of overall volume in June 2019 occurred on EMV cards.
Unsurprisingly, counterfeit fraud losses continue to drop. According to Visa, fraud losses have dropped 87% since September 2015 for merchants who have completed the chip upgrade, and 62% for all US merchants. Card-present fraud overall has declined 40%.
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