Visa has reported that the total number of credit and debit cards featuring an EMV chip has surged by 2.1% to 408.1 million at the end of December 2016, compared to 399.9 million at the end of November the same year.
Out of the total EMV chip equipped cards, nearly 219.4 million are debit cards while the remaining are credit cards.
The number of merchants accepting EMV cards also increased to 1.81 million, representing 39% of all merchant locations. According to Visa, 82% of merchant locations are small and mid-size businesses that represent 49% of total payment volume.
Visa’s EMV credit and debit card volume in the US hit 945.3 million transactions in December 2016, up by 17.3% from 805.9 million in November 2016.
Payment volume made using Visa chip cards rose 22.8% to $53.8bn from $43.8bn in November.
Visa reported that 96% of Visa credit card payment volume was made with a chip card in December.