November 07, 2016

A Year in Review

October officially marks one year since consumers in the United States were introduced to the new payment form of EMV. If you still haven’t heard of EMV, or if just want to know what it is, then here’s a quick rundown. EMV (Europay, MasterCard, Visa) is the global standard for chip-based debit and credit transactions and is focused on ensuring optimum security and global acceptance for users. In the states, there was a ton of initial backlash and skepticism to the idea of switching to the new chip-based payment technology — and rightly so. With initial delays and long sales transactions, EMV began its U.S. debut off on the wrong foot. But how do things look now after being integrated in stores around the U.S. for a year? To best answer that question, the following are the three major takeaways you should have from the year of EMV.

The primary goal of implementing EMV into the U.S. market was to reduce counterfeit card fraud. According to the Nilson Report, counterfeit card fraud in the U.S. accounted for an astonishing loss of $4.91 billion to card issuers and $2.95 billion to merchants during 2015. Fortunately, since the introduction of EMV in the U.S., we have now seen a 47-percent decrease in fraud for merchants who have made the active decision to implement EMV. “Among merchants who have not moved to EMV or are in the early stages of doing so, we’ve seen a 77-percent increase in counterfeit card fraud,” said Chiro Aikat, senior vice president of EMV at MasterCard. The defining factor for this fraud is that those merchants who haven’t made the switch to EMV are simply easier targets than those who are EMV compliant. Taking the initiative to invest in a POS system that integrates with EMV is the safest and most reliable move you can make as a business owner.

‘Fast’ and ‘seamless’ were the last words anyone would use when it came to running EMV transactions during the first few months. Launching at the beginning of the 2015 holiday season, average check-out times were extended anywhere from one to two minutes. A large reason for these longer check-out times was from first-time user errors. Merchants who were implementing EMV during the first wave of adoption had to learn on the job, alongside their customers. Luckily, with time comes experience — as many credit card experts see faster transaction times coming to consumers in the ways of new technologies like Quick Chip technology.

After reading everything so far, you’ve probably asked yourself how many merchants have made the switch to EMV in the states. Well, since processors officially began measuring this statistic at the beginning of the 2015 holiday season, there’s a rough estimate that about one-third of all U.S. merchants are now accepting chip cards. For now, card users have to accept the fact that they will need to traverse a market full of merchants in different stages of the transition process. Many experts believe that you’ll begin to see the majority of non-chip-ready merchants take the step to EMV compliance.

If you’re a merchant and want to learn more about how your business can become EMV compliant, feel free to contact us at We know just how daunting the EMV world can seem, and it’s our goal to make it as seamless as possible for you and your customers.