Nearly two-thirds (63.7%) of all card -present transactions conducted across the globe in 2017 used EMV chip technology , an increase of 11 percentage point compared to 52.4% in 2016, according to a EMVCo report.
The report also says that 54.6% of the cards issued across the world last year were EMV-enabled and their circulation volume touched 7.1 billion, rising by 1 billion over the past one year.
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Regionally, the adoption rate for EMV chip cards was highest in Canada, Latin America and the Caribbean (85.7%), followed by Europe Zone 1 (84.4%). Asia Pacific recorded the lowest rate of 45.7% preceded by the US with 58.5%.
However, Europe Zone 1 stood first in terms of the percentage of EMV chip card transactions with 98.9%, while Africa and the Middle East reported 90.9% and the US had the lowest (41.2%).
According to the global technical body, the nature of certain regions could mean more overall adoption rates and transaction volumes than the total observed for 2017.
EMVCo executive committee chair Jack Pan said: “Both EMV chip card issuance and EMV chip transactions surpassing 50% globally is testament to the increasing maturity of the worldwide infrastructure, and a significant milestone for the payments community.
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By GlobalData“EMVCo continues to work closely with payment stakeholders to evolve the EMV Specifications to provide a secure, interoperable foundation for emerging technologies across face-to-face and remote environments.”
