San Francisco’s beloved Consumer Action, funded by Visa, has created “A consumer’s guide to ‘chip’ cards,” a free publication designed to help credit and debit cardholders understand why the transition is taking place, how the checkout process will change, what consumer protections they will have and where to get more information.
Also known as EMV (“Europay, MasterCard, and Visa”), the chip card technology is already widely used in other countries because it provides greater protection against fraud at the payment terminal. While the new cards will be just as easy to use, the process”insert instead of swipe”will be a little different. A 2015 study conducted by Visa Inc. found that while 83 percent of consumers are aware of chip cards, only 34 percent had a good understanding of their purpose and use.
Cardholders who haven’t already received replacement cards are likely to receive them from their issuing bank by the end of 2015. Publication of “A consumer’s guide to ‘chip’ cards” is timed to be available just as many consumers are introduced to the new “smartcards.”
Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A non-profit 501(c)(3) organization, Consumer Action focuses on consumer education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change.
By providing consumer education materials in multiple languages, a free national hotline, a comprehensive website (www.consumer-action.org) and annual surveys of financial and consumer services, Consumer Action helps consumers assert their rights in the marketplace and make financially savvy choices. Nearly 7,500 community and grassroots organizations benefit annually from its extensive outreach programs, training materials and support.
For data, background and forecasts on EMV: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).