Visa has reported that its EMV credit and debit card volume in the US hit 805.9 million transactions in November 2016, compared to 175.6 million during the same period last year.
Payment volume on Visa EMV cards hit $43.8bn in November, representing a 262% surge from $12.1bn a year ago.
Approximately 399.9 million Visa credit and debit cards now feature a chip, up 105% from 195.4 million in November 2015.
At the outset, issuers focused converting more credit than debit cards to EMV chip; however, more than half of Visa’s current chip card base is currently debit.
Visa said that almost 1.75 million merchants representing 38% of the US card-accepting storefronts accepted chip cards in November, compared to 690,000 merchants one year ago.
According to the data released by Visa, about 75% of chip-accepting merchants are small and mid-sized businesses and chip-ready merchants are now generating 46% of Visa’s in-store payment volume.
Visa said that the merchants who had completed their EMV upgrades witnessed a 45% reduction in counterfeit fraud as of August versus August of 2015.