According to data from EMVCo, the adoption of EMV Chip card technology is on the rise. By the end of 2022, 12.8 billion EMV® Chip cards were in global circulation, representing a 7% uptick compared to the previous year.
In addition to this, 69% of all issued cards are EMV-enabled, and 93% of all card-present transactions conducted globally have used EMV Chip technology. This shows that the demand for secure and reliable digital payments is skyrocketing.
As an international standard for chip-based payments, EMV Chip card technology provides numerous benefits. Joy Huang, EMVCo Executive Committee Chair, said, “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.”
Huang added that an active role is required to further the adoption of this technology, and “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.” EMV Chip technology can be found in emerging use-cases such as the mass transit, automotive and IoT sectors, as well as biometric payment cards and mobile devices for contactless payments.
EMVCo is also dedicated to ensuring safe and convenient remote payments and is therefore improving existing systems and creating new ones. They are developing the EMV 3-D Secure (EMV 3DS), EMV Secure Remote Commerce (EMV SRC) and EMV Payment Tokenisation Specifications, as well as other programs and services that promote trustworthy, card-based payments for businesses and consumers worldwide.
SmartMetric began designing products with biometric technology and used chip engineering, embedded within cards, to combat fraud and stolen data.
SmartMetric engages the power of a biometric fingerprint scanner inside the actual credit card — the biometric technology activates when a user engages the card’s surface. The scanner then analyzes the individual consumer’s unique fingerprint. After a confirmed match, the internal EMV chip activates, and allows the card user to perform sales transactions via traditional credit or debit interface.
“The SmartMetric biometric scan-and-match of the card user’s biometric fingerprint takes place in less time than it takes for the card user to reach across to insert their card in a store card reader [or] ATM,” said SmartMetric President and CEO Chaya Hendrick.
As PYMNTS reported, biometrics and other authentication tools leveraging unique user details can be combined with artificial intelligence (AI) technologies to enhance customer protections. Behavioral biometrics paired with robust AI, for example, can provide a strong defense against identity fraud.