Customer retention is high: 90% of borrowers end up asking for another loan.PPPWC is issuing loans at a rate of $2 million per day in the US.PPWC has originated a cumulative $500 million to 40,000 businesses.PAYPAL WORKING CAPITAL REACHES NEW MILESTONES: PayPal Working Capital (PPWC), PayPal's small-business lending service, has facilitated the issuance of a significant volume of loans since it was first launched 18 months ago: Card networks in the US are pushing a late 2015 deadline, at which point all players in the ecosystem will be expected to support EMV transactions. This imbalance could continue to stall significant EMV adoption in the US over the next few years.ĮMV cards include an embedded micro-chip that make it difficult to counterfeit payment cards for fraudulent transactions.
This is because it requires much larger investments to upgrade point-of-sale (PoS) terminals. The latest figures indicate that banks in the US are flooding EMV cards into consumers' hands, but that merchants haven't been adopting EMV technology at the same pace. This is because EMV is more established in these regions. They each have much higher adoption rates, however: 51% in Africa & The Middle East and 40% in Europe Zone 2. Despite having low chip card usage, there were 101 million chip cards in the US in 2014, nearly as many as in Africa & The Middle East and Europe Zone 2, with 116 million and 153 million, respectively.Thirty-two percent of transactions globally were chip-card based. 12% EMV rate for card-present transactions is the lowest in the world. By comparison, nearly 97% of card-present transactions made in Europe Zone 1 were chip-card based. Further illustrating the point, the US'.It should be noted, however, that the US relies on magnetic stripe payment-based systems and is still in the process of migrating to EMV. The adoption rate ranged from 84% in Europe Zone 1 to just over 7% in the US. EMV card adoption rates increased in every region of the world in 2014.There were 3.4 billion chip cards in circulation globally at the end of 2014, up 43% year-over-year (YoY) from 2.37 billion.The report surveyed markets across the globe using processing data from the major card networks.
Write me at: US HAS A LOT OF CHIP CARDS, BUT NOT MUCH CHIP CARD ACTIVITY: The US reached over 100 million EMV cards in circulation last year, but only 0.12% of card-present transactions involved EMV, a new report from EMVCo shows. Have feedback? We'd like to hear from you. Good morning! Payments Insider is delivered first thing every morning exclusively to BI Intelligence members and INSIDER subscribers.