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Visa is invested in getting credit and debit card users up to speed about the upcoming EMV conversion slated to go into effect in October. The payment processor has created a consumer’s guide to chip cards as part of the Consumer Action/Visa Inc. educational project Know Your Card. It is currently available as a PDF via the website.
In a study commissioned by Visa, 83% of people knew EMV technology was coming, yet only 34% knew exactly what that meant and how to use the new technology. To rectify this, the publication outlines the ins and outs of EMV technology, while also including information on how it changes the checkout process for consumers, including the technology’s security-enhancing abilities.
“Since launching our chip education campaign last fall, it has been our commitment to increase consumer and merchant awareness while demonstrating the benefits of this safer and more secure technology,” said Stephanie Ericksen, head of risk products, Visa Inc. “We are encouraged that so many consumers are familiar with chip cards but there is more work to do in order to prepare them for this transition, and we are pleased to be working with Consumer Action on this guide.”
EMV: Knowing isn't always understanding
EMV actually stands for “Europay, MasterCard, and Visa,” and is already used in a wide range of other countries due to its ability to provide users and issuers with a high level of security at checkout. The biggest change for consumers is that they will be inserting their card in card readers rather than swiping the card.
People should have started receiving new replacement cards. The guide to chip cards is being released just in time for the rollout so people who have questions about the new cards will be able to access information when they need it through a reliable source.
“Consumers are starting to receive new credit and debit cards that make payments even more secure thanks to more secure chip technology,” said Linda Sherry, director of national priorities for Consumer Action.