18% of the 720 million Visa-branded credit, debit, and prepaid cards in the US contained an EMV chip as of July, according to new Visa figures.
Visa’s figures also indicate about 295,000 merchant locations were enabled for chip card
acceptance at the end of July, up 19% from the 247,000 at the end of June.
However, despite these gains, support for EMV cards at the US’s approximately 8 million card-accepting locations remains low. Similarly, only about 7% of the estimated 535,800 bank and retail ATMs in the US can now read EMV chip cards.
Merchants and card issuers are facing the Oct. 1 EMV conversion deadline, at which point liability for counterfeit fraud shifts to the party in a card transaction – issuer or merchant – that does not support EMV. Visa’s Stephanie Ericksen says the company sees “Oct. 1 as the starting point, not the endpoint” of the US conversion.