EMV: It’s Time to Talk to Consumers

Originally posted on Vantiv’s Blog.

Guest post written by Patty Walters, Senior Vice President of Merchant Products and Security for Vantiv.

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In a recent Vantiv/Mercator study, only 15 percent of U.S. consumers said that they have an EMV equipped debit or credit card. That’s not surprising, since the industry is still in the early stages of rolling out EMV. What is surprising is that two-thirds of that group said that they have used their cards in chip mode in the U.S. That’s just about impossible, given the relatively small number of EMV terminals out there. It’s more likely that the chip-card owners used their cards in the traditional way by swiping the mag-stripe.

Still, that finding indicates that consumers are a little confused about EMV. (The study also found that one in five weren’t sure whether they actually had an EMV card.) But why shouldn’t they be confused? To them, this is a new and largely unexplained technology.

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