Although stats have continued to evolve since the data shown in the graph below, consumers and businesses in the US remain behind the rest of the world on EMV adoption. Card issuers continue to provide more cards with both contact EMV and contactless functionality as existing cards expire, but the process has been slow. Businesses facing issues and complexities at the POS for acceptance of both methods of payment is another factor slowing adoption across the country. Chargebacks, fraud, and the fees associated continue to plague many business owners.
EMV Adoption Statistics
With contactless payment popularity surging, EMV contactless versus the MSD (Magnetic Stripe Data) contactless is something the payments industry in the US is also slowly correcting. During the liability shift in 2015, contactless technology at that time was MSD so businesses looking to fully adopt EMV may be forced to replace that older technology to comply with current standards. With consumers often finding their EMV cards or digital devices work perfectly in some locations but are declined in others, it makes full adoption more difficult. Customers don’t get a consistent experience from business to business which leads to frustration with the process.
Businesses continue to adopt EMV and contactless payment technology more and more frequently, but it’s unclear whether consumers will follow suite long-term. Currently the demand for consumer ability to pay without much human interaction or physically touching cards and payment devices is high. Will that trend become permanent even after COVID19?
One thing is clear : EMV is here to stay despite the US falling behind other countries in adoption. Increased fraud is a driving force that makes EMV essential for all businesses. We believe that businesses that have at least a portion of their commerce occur face to face and not solely online should provide EMV chip and EMV contactless payment capabilities together. Taking that approach now, working with a payments professional that understands economical ways to implement those technologies, and educating customers and staff regularly will provide comfort, security, and a consistent payment experience.
Payments Journal and EMVco both contributed to this article.