Eighty Percent of Mastercard U.S. Consumer Credit Cards Have Chips
August 03 2016 - 7:30AM
Business Wire
Index Helps Deploy M/Chip Fast to Speed
Shoppers through Checkout
Mastercard today announced that 80 percent of its U.S. consumer
credit cards have chips, representing an 88 percent increase in
chip card adoption since the October 1, 2015 liability shift
started to bring EMV-secured payments to the U.S.
The company also sees 1.7 million chip-active merchant locations
on its network, representing nearly 30 percent of the U.S. merchant
population and a 374 percent increase in chip terminal adoption
since October 1, 2015.
In terms of U.S. dollars, counterfeit card fraud is down over 60
percent at Mastercard’s top 5 EMV-enabled merchants.
“Mastercard has helped over 150 countries adopt EMV and, time
and again, we’ve seen the same result: significant reductions in
counterfeit card fraud,” said Chiro Aikat, senior vice president of
product delivery – EMV for Mastercard. “The U.S. is one of the most
complex markets in the world and great progress has been made in
securing our payments ecosystem in a short amount of time. It’s
rewarding for the industry to start seeing signs that merchants,
issuers and consumers can be freed from the burdens of card
fraud.”
M/Chip Fast Active at Local Markets
In April, Mastercard introduced M/Chip Fast, a new application
based on contactless or ‘tap-and-go’ technology, designed to speed
EMV transactions by prioritizing the steps critical to security.
Cardholders can expect to experience speeds closer to the familiar
magnetic stripe transactions with the added security of EMV.
With Index, a leading retail software company that combines
secure payments, measurement and personalization for the offline
world, New Seasons Market, a grocer with 19 West Coast locations,
is one of the first merchants to bring the benefits of “faster EMV”
to their customers.
“We’re known for having the friendliest cashiers in town and now
we have faster checkout too,” said Sean Teisher, New Seasons
Market. “With this new technology from our partner Index, our
customers can just dip their chip card and remove it—it’s simple,
fast and friendly.”
New Leaf Community Markets, located in Santa Cruz, CA, has also
implemented M/Chip Fast to reduce EMV transaction times to three
seconds or less.
Faster Chip Terminal Testing and Certification
In June, Mastercard unveiled a new EMV chip terminal testing and
certification program that speeds chip terminal deployment to
hours, rather than days, allowing merchants to move more quickly to
EMV. The new program maintains terminal testing and certification
quality and empowers merchant bank acquirers and value-added
resellers to take more responsibility in the process including:
- Acquirers
will have more responsibility and flexibility for terminal testing
as a part of their own internal processes and schedules. Mastercard
has also cut the number of needed tests by 58 percent, minimizing
mandatory tests and allowing acquirers to use their discretion and
expertise in deciding when terminals are ready for deployment.
- VARs will
receive more and dedicated resources to help accelerate terminal
deployments. The new resources will help VARs navigate terminal
configurations, test processes and ramp up in-field issue
resolution.
- Acquirers and
VARs will benefit from published guidelines on standard
terminal test configurations which will improve the testing cycle
and simplify testing processes. Standard terminal configuration
packages will be available for certain industry segments, such as
quick-serve restaurants and big box retailers.
About Mastercard
Mastercard (NYSE:MA), www.Mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20160803005505/en/
Mastercard CommunicationsBeth Kitchener,
914-249-2058beth.kitchener@mastercard.com
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