Although it seems like EMV cards are all over the place, there is still a long way to go.
That's according to new data from EMVCo., which shows that the U.S. significantly lags behind other regions in the world when it comes to EMV card adoption. Overall, card-present EMV transactions accounted for 7 percent of purchases in the U.S. in 2016, according to Business Insider. In other areas of the world, EMV card usage is much more widespread. EMV purchases account for at least 75 percent of transactions in Europe, 88 percent in Canada, Latin America and the Caribbean and 89 percent in Africa and the Middle East.
Despite the slow adoption of EMV in the U.S., the 7 percent rate is a vast improvement from the 0.26 percent usage rate in 2015. And experts are confident that EMV will grow exponentially in the States this year for a variety of reasons.
The main one is that the deadline for fraud liability to shift from banks to retailers if they don't use EMV chip card readers has passed in most industries. This means that many retailers will be on the hook for potentially huge amounts of money if they don't make the transition to EMV technology and credit card fraud occurs at their store.
Experts note that it hasn't been too long since the October 2015 deadline, which means some retailers are still in the process of upgrading their machines and some banks are still distributing EMV-enabled cards to their consumers. As this process moves along, EMV usage in the U.S. should rise, according to Business Insider. As of the third quarter of 2016, only 49 percent of small businesses had upgraded their card processors to accept EMV cards, according to a Wells Fargo survey.