At One Payment, we love helping our readers navigate the world of credit cards! While some customers are still ambivalent towards EMV chip cards, rest assured that they are designed to help both customers and merchants alike! In this article, One Payment will show you how these cards will make your hectic holiday season more enjoyable!
Contrary to popular belief, more and more people are using EMV cards. Recent studies have shown that there are currently over 388 million Visa chip cards that are active! Since the chip cards became mandated in 2015, Visa has seen more than double the number of cards than before the deadline passed. By having more active cards, there are more EMV transactions as well. Last month alone, there were over 771 million chip card transactions, which is a drastic increase over last year’s figures. The payment volume alone is $39.7 billion, compared to $8.9 billion last year at this time. These drastic increases are encouraging for the market!
Around this time last year, approximately 600,000 merchants in the United States accepted chip credit cards. This year, almost 2 million merchants now accept chip credit cards. These numbers also show a growing confidence in the markets and with processing companies as a whole.
Decreasing Chances of Fraud
As an added bonus, fraudulent activity is also reducing. Normally, there is a spike around the holidays since so many transactions are being conducted, but Visa has seen a 43 percent decrease in the amount of fraud with merchants who upgraded to the new compliance systems. This is the reason why keeping point of sale equipment current and compliant was such a priority! Now, we are able to see the results of such a major upgrade.
Clearly, the benefits of these chip cards are outweighing the slight inconvenience that comes with waiting a few extra seconds here and there. At this rate, these chip cards will continue to decrease fraudulent activity and increase the number of transactions. Visa is in the process of expediting check out times with a new service called “Quick Chip for EMV,” and we are eager to see how this service will expedite checkout times in the future!