Financial Services & Insurance Research News

Emvs with contactless cards revolutionizes the USA cards and payments market according to new research report

Financial Services Market Research

USA Cards And Payments Market - By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS And ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques And Payment Cards) - Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2017 -2021)

The USA Cards and Payments Market report provided by Market Data Forecast claims that 55% of card purchases happened in 2017 were accounted by the chip-based cards and were being accepted by 96% of the top 200 merchants. The transaction percentage has been doubled from 26% at the start of 2017.

Around 80% of the ATMs in the country are chip-enabled, as per the records of ATM industry association.

Browse details of USA Cards and Payments Market Report at…ents-Market-6687/ Make an Inquiry about this news

EMV elaborated as Europay, MasterCard and Visa is a chip-based card system that provides the international standards for credit and debit cards.

The chip installed in the card creates a unique transaction code whenever it is used, providing a solution to the counterfeit magnetic-stripe cards.

The transition to EMV has been striding at a slow pace due to the expenses involved in new terminals, the installation of new software for those terminal integrations with the current system and the longer transaction processing times. However, the introduction of EMV 3d Secure and EMV payment tokenization will enhance the security and future growth of EMV cards.

Contactless cards, on the other hand, are the cards that do not require any swapping or insertions but only a simple tap above the POS terminal. The contactless technology is slowly gaining the interest in the US markets as the card issuers are not aggressive enough to encourage the customers for such transactions.

For example, American express issues contactless cards to US customers only upon consistent requests.

As of now, the contactless payments are limited only for smaller transactions like subway and bus tickets in busy cities like New York, where the maximum transaction does not cross $ 50. Chicago’s Ventra card, Philadelphia’s SEPTA Key Card and Capital One are some of the leading card issuers that are adopting the contactless cards lately.

Therefore, it is clearly evident with the market analysis that, in order to survive the threats of mobile wallet, e-wallet and cash transfers, the banks and card issuers has to implement some innovative measures to keep the customers on the verge of using of payment cards, like Contactless cards.

The USA Cards and Payments Market is dominated by American Express, JPMorgan Chase, Wells Fargo, Capital One, Visa and MasterCard for a long time now.

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