Nearly 80% MasterCard consumers own chip-based credit cards in US
MasterCard has announced that approximately 80% of its US consumer credit cards are now equipped with chips
MasterCard has announced that approximately 80% of its US consumer credit cards are now equipped with chips, representing an 88% growth in chip card adoption since the 1 October 2015 liability shift started to bring EMV-secured payments to the US.
The company also reported that 1.7 million chip-active merchant locations are operating on its network, which constitutes almost 30% of the US merchant population and a 374% increase in chip terminal adoption since 1 October 2015.
In terms of US dollars, counterfeit card fraud has come by more than 60% at MasterCard’s top five EMV-enabled merchants.
MasterCard senior vice president of product delivery – EMV Chiro Aikat said: “MasterCard has helped over 150 countries adopt EMV and, time and again, we’ve seen the same result: significant reductions in counterfeit card fraud.
“The US is one of the most complex markets in the world and great progress has been made in securing our payments ecosystem in a short amount of time.
“It’s rewarding for the industry to start seeing signs that merchants, issuers and consumers can be freed from the burdens of card fraud.”
In April this year, MasterCard introduced M/Chip Fast, a new contactless application designed to speed EMV transactions by prioritising the steps critical to security.
In June, the company rolled out a new EMV chip terminal testing and certification programme that speeds chip terminal deployment to hours, rather than days, allowing merchants to move more quickly to EMV.
MasterCard said that acquirers will have more responsibility and flexibility for terminal testing as a part of their own internal processes and schedules.
The company has also slashed the number of required tests by 58%, minimising mandatory tests and allowing acquirers to use their discretion and expertise in deciding when terminals are ready for deployment.