42 pct. of card-present transactions worldwide now EMV-compliant
EMVCo, the technical body that manages EMV specifications, has published transaction data detailing year-over-year growth in the volume of card-present payments using EMV chip technology.
The data shows that from July 2015 to June 2016, 42.4 percent of transactions globally were EMV-compliant, compared with 33 percent for the previous 12 months. For a transaction to be considered EMV-compliant, both the card and terminal used must be EMV-enabled, according to a press release from the organization
EMVCo said real-time figures for transaction volumes today are likely to be higher than the July 2015 to June 2016 reporting period, given ongoing adoption of technology.
"The progress of EMV chip technology worldwide promotes the implementation of an interoperable payments framework, supporting an advancing range of payment methods, technologies and acceptance environments," Soumya Chakrabarty, EMVCo executive committee chair, said in the release. "In addition to increasing global usage, the most recent data shows rapid adoption of EMV technology in regions that have recently implemented EMV chip infrastructures, such as the U.S. and China."
Chakrabarty said EMVCo expects compliant transaction numbers to continue to increase through the coming year, which could mean that global EMV transaction volumes would exceed half of all card-present payments."
EMVCo regional data for the past 12 months shows that:
- in Africa and the Middle East, 89.9 percent of card-present transactions were EMV-compliant (up from 83.8 percent in the prior 12-month period);
- in Asia, EMV 57.9 percent of card-present transactions were EMV-compliant (up from 33.6 percent);
- in Canada, Latin America and the Caribbean, 88.8 percent of card-present transactions were EMV-compliant (up from 87 percent);
- in Europe Zone 1, 97.6 percent of card-present transactions were EMV-compliant (up from 97 percent); and
- in Europe Zone 2, 75 percent of card-present transactions were EMV-compliant (up from 65.4 percent).
A full breakdown of the data is available on the EMVCo website.