EMV Credit Card Deadline Finds People Unprepared - Card Issuers News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » EMV Credit Card Deadline Finds People Unprepared

EMV Credit Card Deadline Finds People Unprepared

EMV Credit Card Deadline Finds People Unprepared
The content is accurate at the time of publication and is subject to change.

Starting tomorrow, merchants are supposed to be ready to accept EMV payments from consumers—or face the possible consequences, which could mean picking up the tab. For their part, consumers will have to get used to paying by tapping or inserting their cards into EMV terminals instead of swiping.

If you don’t know what EMV means, join the club. A recent survey from ACI Worldwide found that six out of ten credit card users aren’t ready for the EMV shift. And even if they received new, chip-enabled credit cards, they aren’t sure why they got them, or how to use them.

Last month the EMV Readiness Survey asked 1,008 people ages 18 and over about their preparedness for the EMV technology and their knowledge of EMV payment cards. Here’s what they found:

• Sixty-seven percent of folks said they haven’t received any information from their card issuers or banks explaining what the EMV shift means

• Fifty-nine percent of people had not yet received chip-enabled cards

• Sixty-eight percent of those who did get new cards didn’t know why they got the card, or that the United States is moving toward the EMV payment model

Tapping instead of swiping

EMV cards are simply credit or debit cards that are equipped with a security chip that stores customers’ payment information and encrypts it when sending it to be processed for payment. EMV stands for Europay, MasterCard, and Visa—the three payment networks that originally developed the technology.

Instead of swiping these cards to make a payment, customers tap them on the point-of-sale console. EMV cards are far more secure than traditional magnetic stripe cards, which have been in use for years.

Holiday shopping could be affected

The unfamiliarity with EMV technology could cause some stress in the upcoming holiday shopping season. “If consumers are unaware, the implications for retailers come October and throughout the holiday shopping season could be major, especially as retailers prepare for this new payment experience,” said Mike Braatz, senior vice president, Payments Risk Management, ACI Worldwide.

“Although October is the date for the liability shift, we know issuers, acquirers and retailers are still working on issuing cards and upgrading payment acceptance systems to address EMV.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Samsung Pay Adds 19 New Issuers
Samsung Pay Adds 19 New Issuers

Posted: December 25, 2015

Samsung Pay has been growing its network of issuers since launching in August 2015, and recently expanded their reach further by adding new Visa and MasterCard partners to their lineup, including PNC Visa and KeyBank MasterCard credit and… Continue reading

Sam's Club Now Takes Visa
Sam's Club Now Takes Visa

Posted: February 17, 2016

Visa and Walmart stores have inked a deal paving the way for Sam’s Club, a division of Walmart, to begin accepting Visa cards starting this month. Continue reading

Fewer Declined Credit Cards for MasterCard Customers
Fewer Declined Credit Cards for MasterCard Customers

Posted: March 16, 2016

Having your credit or debit card declined whether you’re traveling or in your home town is inconvenient at best, and MasterCard must have heard people grumbling because they are launching their new MasterCard IQ series. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!