• Public

  • Public
  • Network
  • Groups
  • Featured
  • Popular
  • People

According to EMVCo.--which oversees standards for payment methods used by American Express, Discover, JCB, Mastercard, UnionPay, Visa, and others--transactions with silicon chip cards and authorized PIN codes instead of swipes are now the rule. That smartcard tech was used in 93.9 percent of all purchases EMV members processed between June 2022 and July 2023, the last period for which the company has updated data. Those smartcards made up 90.7 percent of the total EMV cards in use and composed 99.7 percent of all transactions in Europe during the same period, compared with 93.2 percent and 99.4 percent respectively in Africa, and 88.9 percent and 98.6 percent in Latin America. The U.S., however, lags behind, with chip-embedded cards representing just 65 percent of all EMV plastic in the country, and involved in 89 percent of purchases. Continued use of the magstripe is also a big reason why the U.S. leads the world in credit card fraud, hosting 46 percent of the global total. According to the Merchant Cost Consulting payment services company, losses to American consumers and banks from that theft is expected to cost $12.5 billion in 2025, and is on a 46 percent growth pace in year-on-year terms.