Between July 2016 and June 2017, 58.9% of card-present contact and contactless transactions globally were EMV-enabled, according to technical body EMVCo. The latest figure outpaces the prior year’s 42.4% rate.
The US registered the biggest year-over-year growth with 31.4% of transactions being EMV-enabled, as against 7.2% in the year ago period.
Europe, where EMV has been deployed for a longer period of time, registered rates ranging from 89% to 98%.
In Middle East, 90.9% of card-present contact and contactless transactions were EMV-enabled, while the rate stood at 87% in Canada, Latin America and the Caribbean. At 56.2%, Asia trailed those percentages.
EMVCo executive committee chairman Jack Pan said: “The most recent transaction volume data indicates that we are moving towards EMV chip technology becoming the foundation for contact and contactless card-present payments worldwide.
“As EMV chip migration approaches maturity across the globe, EMVCo continues to work with the payments community to evolve the EMV Chip Specifications to promote a secure and interoperable basis for mobile payments and other emerging payment technologies and meet the long term needs of the payments ecosystem.”
EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, and concentrates on the technical advancement of the EMV Specifications for payment systems.