Visa recently published a report revealing that US merchants that completed the chip upgrade have registered a whopping 66% decline counterfeit fraud in June 2017 compared to June 2015.
According to the report, more than 2.3 million merchants or 55% of storefronts in the US are currently accepting chip cards, a surge of 542% since the beginning of EMV migration in the country.
The firm further reported 190% rise in the number of chip cards, including 64% of Visa credit and debit cards, from 159 million in 2015 to 462 million in 2017.
In addition, chip-based transactions increased from 79 million or $4.8bn in 2015 to 1257.2 million or $59.4bn in 2017.
EMV chip adoption in the country follows a liability shift that took place in October 2015 across the domestic retail sector to prevent fraudulent transactions.
In August last year, debit/ATM network operator PULSE issued a report that showed that US debit card fraud loss rates reduced by 28% in 2016 when compared to 2015, after EMV rollout.
The report stated that 80% of the US debit cards were migrated to chip cards at the time.