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News

07 June 2013

Visa: With 3.5 Million Visa Chip Cards Issued Since 2011, EMV Continues to Gain Momentum

In a Visa Viewpoints blog post, Visa announced that U.S. Visa card "issuers have put what averages out to over 5,000 new chip-enabled cards in the hands of U.S. cardholders every day. As of March 31, the total number of Visa chip cards in market was at 3.5 million and growing."

The article's author, Stephanie Ericksen, continues: We’re very pleased with the progress the U.S. has made over the past two years.

With each new card, the U.S. payments ecosystem gets one step closer to achieving the improved security that EMV technology affords to consumers, merchants and issuers. That’s because when a chip is inserted into the payment terminal, the chip generates a code that is unique to that transaction. This code renders stolen payment information useless at the point of sale, reducing its value to criminals and shrinking counterfeit fraud.

The opportunity that chip presents goes beyond security, and will enable new and emerging forms of electronic payment, such as NFC-based mobile payments.

Visa announced its EMV migration roadmap for the US market in August 2011.

http://www.paymentsnews.com/



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