Nearly 70 per cent of US consumers want EMV
Ever since the big debacle that was the card fraud case at Target and Neiman Marcus, the US payments industry has been under increased pressure to switch from its archaic magnetic strip technology and adopt the now world-standard of EMV Chip and Pin technology.
However, there’s been a tendency to believe that the American people don’t want this – when in fact it’s far more likely it’s the retailers and banks who don’t want to shoulder the cost.
So, in a new survey from Vision Critical, they found that 69 per cent of Americans believe that EMV chips will make their transactions more secure. For some reason, five per cent think EMV will actually make their cards more fraud prone.
The same report also showed that 64 per cent would actually opt to pay with cash instead of using a credit card thanks to recent breaches.
However, uncertainty remains around if people will actually make use of EMV cards, even though results show that 38 per cent of people would rather use Chip and PIN technology over Chip and signature.
It seems that regardless of the technology behind the payment, the real issue of why people were so dubious of adopting any new means of payment really comes from a lack of trust in the financial institutions that underpin the whole process. That said, 80 per cent of respondents were actually confident in the security measures in their banks, with 73 per cent saying that they had faith in the security of their credit and debit card issuers.
Even MasterCard’s own survey on cards in the US mirror Vision Critical’s findings, showing that 57 per cent of MasterCard cardholders saying they’d be interested in receiving chip cards within the next six months.
With the 2015 deadline for EMV cards looming, it looks like the US may finally be accepting of the switch.[Image: Cam Self - Flickr]