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Latest Figures Demonstrate Continued Global Adoption of EMV Technology
Adoption of EMV® as the universal payment standard gained further traction in 2011, with official figures revealing that over 42 percent of all payment cards and nearly 76 percent of all terminals in circulation globally* are based on EMV technology.
The figures have been released by EMVCo, the EMV standards body collectively owned by American Express, JCB, MasterCard and Visa, and represent the latest statistics from their respective member financial institutions globally. Today, there are in excess of 1.3 billion EMV payment cards in global circulation and more than 20 million EMV based acceptance terminals active worldwide.
Patricia Partelow, Chair of the EMVCo Executive Committee, comments. “As the figures demonstrate, EMV technology continues to be deployed globally, creating a truly interoperable chip-based consumer payment infrastructure. Adoption of the technology is important as it provides a variety of risk management parameters and cardholder verification methods that reduce fraudulent card payments. In addition to our commitment to enhance payment security, EMVCo also works to identify future requirements and enhance its established infrastructure to deliver a common, robust technology platform that in the future will support contact, contactless and mobile payments.”
To support the growing adoption of EMV standards, EMVCo has established the EMVCo Associates Programme to encourage all payment stakeholders to play a more active role in guiding the organisation’s strategic and technical direction. Patricia concludes: “The participation framework creates opportunities for interested organisations – including payment card issuers, acquirers, merchants, processors, card and terminal vendors, networks and their representative associations – to provide input into the advancement of existing and creation of future EMV Specifications. We recognise that this will further facilitate the global relevance of EMV technology as the marketplace advances to offer new ways to pay for goods and services.”
To view a regional breakdown of the latest figures and find out more about the EMVCo Associates Programme visit www.emvco.com.