More than two-thirds (67%) of MasterCard-branded consumer credit cards issued in the US now feature chips, this represents a 51% surge in the number of consumer credit cards with chips in market since the official liability shift last October, MasterCard revealed.
The company also revealed that 1.2 million merchant locations in the US are now accepting chip card payments, a surge of 121%.
The total number of merchants accepting EMV card transactions includes approximately one million local and regional merchants apart from many national retail chains, MasterCard added.
MasterCard senior vice president of North American enterprise security solutions Catherine Murchie said: "Other countries that have already adopted chips have seen significant reductions in counterfeit card fraud over time — as much as 60, 70 or even 80 percent. The U.S. industry continues to work together on EMV to generate similar results."
In 2015, the Payments Security Task Force projected that by 2017, 98% of cards issued in the US would feature chip technology, exceeding adoption rates in regions and countries that began implementing chip technology decades ago.
The Payments Security Task Force last year forecast that 98% of all US payment cards would contain chips by the end of 2017. MasterCard noted that merchant adoption of EMV terminals remains on track with projections in other Payment Security Task Force studies.