A 'summer snapshot' of EMV progress in the US
The U.S. Payments Forum has released a summer 2017 market snapshot with updates on the progress of EMV implementation in the United States.
State of the market
The number of EMV credit and debit cards issued continues to grow — along with the volume of chip-on-chip transactions performed, a press release from the forum said.
Approximately half of U.S. merchants are enabled for chip, and 45–50 percent of U.S. card transactions are now chip-on-chip, a trend that forum director Randy Vanderhoof called "encouraging."
"To see significant declines in fraud, chip-on-chip transaction rates will need to account for approximately two-thirds of all credit and debit transactions," he said. "With this reported growth, it is clear we are on the right track towards removing counterfeit card fraud from the system."
Consumer perceptions of chip transaction speeds at the POS have been a concern. Merchants are now beginning to focus on improving transaction speeds, and have seen improvements of four to eight seconds in some cases, the release said.
Merchants are also improving the customer experience through the adoption of options such as debit chip cards and contactless payments that streamline certification without diminishing security.
Earlier this year, the forum published Optimizing Transaction Speed at the Point of Sale, a free white paper that describes three ways to improve transaction times.
Over the past quarter, the U.S. Payments Forum has published several resources to provide guidance on implementing EMV chip technology. These include:
- EMV Receipt Best Practices— aims to clarify applicable recommendations and requirements for data elements on receipts for chip-on-chip transactions.
- PIN Bypass in the U.S. Market (update) — describes PIN entry bypass and details the transaction flow and impact on issuers, merchants and cardholders.
- Testing and Certification Terminology Glossary — provides a list of terms used in acquirer EMV testing and certification forms.
- Understanding the U.S. EMV Liability Shif (update) — offers information to help operators of ATMs and fuel dispensers better understand EMV liability shifts.