Data published by EMVCo shows that at the end of 2022, 12.8 billion EMV Chip cards were in global circulation – a 7% increase compared to the previous twelve months.
EMVCo data also shows that 69% of all issued cards are EMV-enabled and 93% of all card-present transactions conducted globally used EMV Chip technology.
Joy Huang, EMVCo Executive Committee Chair, comments: “EMV Chip technology provides a foundation for reliable, familiar and trusted contact and contactless payments, and these benefits are reflected in the consistent and sustained growth in deployment and adoption around the world. This increasingly means that today - whatever you are buying and wherever you are - you can expect your payment card to work.”
“And as consumers continue to move away from cash and towards digital payments, EMVCo is collaborating with merchants, issuers, acquirers, payment networks, financial institutions, and technology solution providers to evolve the EMV Specifications to support the next generation of payments,” adds Huang. “This engagement underpins our work to extend the benefits of EMV Chip technology to address emerging use-cases spanning the mass transit, automotive and IoT sectors, as well as initiatives to promote increased consistency across biometric payment cards and the use of consumer mobile devices for contactless payment acceptance.”
EMVCo is also committed to enabling safe and convenient remote payments by evolving and enhancing the EMV 3-D Secure (EMV 3DS), EMV Secure Remote Commerce (EMV SRC) and EMV Payment Tokenisation Specifications.