Us payments forum spring 2018 market snapshot continuing the path to emv, making the leap to contactless, exploring new priorities for 2018 static electricity examples

PRINCETON JUNCTION, N.J., May 03, 2018 (GLOBE NEWSWIRE) — The U.S. Payments Forum today released its spring 2018 market snapshot, providing updates on the status of the U.S. EMV chip migration and contactless payments, Forum priorities put into focus through a member survey, and recently-released resources for the payments industry.

In an encouraging report, Visa stated that 96 percent of Visa payment volume at the point-of-sale is made using chip-enabled cards; 59 percent of U.S. point-of-sale locations accept chip, an impressive 578 percent growth since its October 2015 liability shift; and there has been a 70 percent decline in counterfeit card fraud for chip-enabled merchants i.

According to the ATM Industry Association, 91 percent of U.S. ATMs are now EMV-capable; and 86 percent are accepting chip-on-chip transactions. This represents significant improvement from an estimated 19 percent at the beginning of 2016 and 58 percent at the beginning of 2017 ii.

As in-store and ATM chip enablement continue on a positive trend, the industry is focusing on streamlining existing implementations to improve the customer experience and overall efficiency. Another focus is on the future of the chip migration for industry segments with special considerations, like pay-at-the-window and pay-at-the-pump.

At the Secure Technology Alliance Payments Summit and U.S. Payments Forum All-Member Meeting joint event, a panel of retailers discussed these considerations. Speakers highlighted EMV acceptance issues for drive-thru merchants, and inclement weather, heavy-traffic seasons and a limited number of certified technicians as some of the unique challenges for implementing chip technology at the fuel pump.

According to data available from Mastercard, the foundation for contactless payments is already in place. As of Q4 2017, 799,667 unique merchant locations are contactless-enabled, and there has been an 80 percent growth in contactless transactions year-over-year. But there is work to do to make the infrastructure ubiquitous across the U.S. iii

“Contactless payments have been a key discussion point for the U.S. Payments Forum, from whom the technology benefits and why implement contactless to when we’ll get there and how,” said Randy Vanderhoof, director of the U.S. Payments Forum. “One of the biggest conversations we’re having now is the need for cross-industry participation to provide education and implementation guidance for issuance and acceptance – all things the Forum has provided for the migration to EMV chip.”

• “ Mobile and Digital Wallets: U.S. Landscape and Strategic Considerations for Merchants and Financial Institutions” white paper. This document provides guidance to merchants and financial institutions on models, technologies and usage drivers for mobile and digital wallets

Find additional U.S. Payments Forum publications at www.uspaymentsforum.org and a complete collection of documents, videos, webinars, infographics, and EMV resources at www.emv-connection.com, and follow the Forum on Twitter @USPaymentsForum.

To read the winter 2018 market snapshot, visit http://www.uspaymentsforum.org/us-payments-forum-winter-2018-market-snapshot-emv-enablement-growth-in-new-markets-predictions-for-contactless-payments-in-transit-prioritizing-online-transaction-security/.

The U.S. Payments Forum is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.