“Eighty-eight percent of all US Mastercards now feature EMV chips, representing a 105 percent increase in adoption of the cards since the liability shift got underway on October 1st last year.”
With the one-year mark of the US’s EMV liability shift approaching, Mastercard is celebrating the growing adoption of the chip technology in payment cards.
The shift got underway last autumn, with new legislation exposing merchants to greater liability for credit card fraud if they don’t support payment cards with the more secure embedded chip technology. Almost a year in, Mastercard reports that two million merchant locations are now supporting the technology, representing 33 percent of all merchants in the country.
Consumers are also getting on board. Eighty-eight percent of all US Mastercards now feature EMV chips, representing a 105 percent increase in adoption of the cards since the liability shift got underway on October 1st last year. And a survey conducted by Braun Research on Mastercard’s behalf indicates that 87 percent of all American consumers “commonly use chip cards,” according to a statement from the company.
That’s good news for consumers and merchants alike, with EMV chip technology helping to protect both against fraud. Meanwhile, many of the card readers needed to process these transactions are also equipped with NFC capabilities, helping to pave the way for the rise of contactless and mobile payments in the US.
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