The global standards organization EMVCo has published its latest Worldwide EMV Deployment Statistics. The report reaffirms the steady pace of EMV card issuance and projects a rapid rise in chip transactions.
Globally, there are 6.1B EMV cards in circulation accounting for 48% of the combined issuance of Visa, MasterCard, American Express, Discover, JCB and Union Pay. Adoption rates were drawn down by both the U.S. and Asia-Pacific where EMV represented only 38% and 52% of the card base, respectively.
The report also cited that just 52% of card brand transactions in 2016 were secured with EMV. In Western Europe 98% of transactions were EMV, but Asia-Pacific (56%) and the U.S. (18%) brought the global average down.
This is all very good news for EMV providers.
The world’s two most valuable payments markets, Asia-Pacific and the U.S., are set to experience 3-5 years of double digit growth as EMV issuance saturates and acceptance infrastructure scales up. Successful firms in these markets will achieve two important goals. First, they will embed into their EMV compelling value-add services for which merchants will gladly pay extra. Second, smart EMV providers will excel at making their implementations easy and affordable for the entire ecosystem of merchants, payment processors and POS developers.
EMV need not be a huge expense or a technology hassle. Merchants should be able to preserve their POS marketing programs and implement chip cards and Apple Pay in just a few days. If you agree, check out RevChip.