New research shows nearly three in five consumers reported that they have not yet received a new chip-enabled card. Also, 67% indicated they have not received information from their credit card issuer or bank explaining what EMV means and how it will impact them.
The new EMV Readiness Survey from ACI Worldwide also discovered of those who have already received chip-enabled cards a mere 32% are aware the U.S. is moving to EMV”and the majority do not know the real reason that they received a new card.
Also, demographics play a role for those who have received chip-enabled cards, but awareness does not connote understanding:
◦ Among respondents aged 55-64, 86 percent have heard or seen information about EMV, compared to 66 percent of 45-54 year olds and 66 percent of those who are 65+.
◦ Millennials (18-34 year olds) and Gen Xers (35-44 year olds) reported a high level of EMV awareness (78%).
• Geography also plays a role for those who have received chip-enabled cards:
◦ Nearly a quarter (23%) of respondents from the Western U.S. thought they received new chip-enabled cards because of data breaches”higher than other U.S. regions”Northeast (17%) Midwest (10%) and South (7%).
Overall, ACI says as retailers and banks prepare for the October 1 EMV liability shift”which moves fraud liability from issuing banks to merchants “many consumers have not yet received their new chip-enabled cards, or are simply in the dark about what EMV means.
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).