The U.S. Payments Forum has released its winter 2018 market snapshot, which includes the following updates:
Several of the global payment networks reported in December that the volume of chip-on-chip credit card transactions has surpassed 50 percent, and the value of those transactions exceeds 60 percent, a press release said.
Today, 96 percent of the top 200 merchants are now accepting chip payments compared with just 29 percent at the beginning of 2017.
Forum members have also reported a slight increase in chip transaction volumes at retail petroleum pumps.
Today in the U.S., contactless accounts for a relatively small number of transactions, however, transit has proven to be a driver for broader adoption of contactless payments in other countries, the release said.
"In the U.S., we are seeing major transit agencies like New York City's MTA and Boston's MBTA announce plans to implement contactless open payments fare systems, so we could see similar trends in those regions," Vanderhoof said.