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May 6, 2014

EMV chip technology showing increased global adoption

EMVCo, a payments standard body which manages EMV specifications, has released data showing increased adoption of EMV chip technology globally.

By Verdict Staff

EMVCo, a payments standard body which manages EMV specifications, has released data showing increased adoption of EMV chip technology globally.

The figures were based on data submitted by each member financial institution for Q4 2013, excluding figures from the US, which is in the process of moving its payment infrastructure to EMV chip technology.

The data showed 2.4bn EMV payment cards are currently in circulation and 36.9m EMV terminals are active worldwide.

This signified an increase of 750m EMV payment cards and 13.1m EMV terminals deployed between 2012 and 2013.

EMV was an initiative conceived by Europay, MasterCard and Visa, aiming to ensure the security and global interoperability of chip-based payment cards.

The companies sought to establish a global standard for inter-operation of integrated circuit cards, POS terminals and ATMs, for authenticating card based transactions.

EMVCo, which is owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa, exists to manage the EMV specifications and promote a unified payments framework.

Christina Hulka, board of manager’s chair at EMVCo, said: "The EMV Chip Specifications are designed to be flexible and can be adapted regionally to meet national payment requirements and accommodate local regulations.

"Our statistics indicate that the regions that have migrated to EMV chip technology are now close to offering full adoption of EMV terminals

"Having this acceptance infrastructure in place is key to ensuring the creation of a secure and globally interoperable payment environment," she added.

Related to:

VeriFone introduces new handheld EMV terminal

First EMV issuance services introduced to Jordan by Gemalto and Cairo Bank Amman

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