New ACI Worldwide Survey: 6 out 10 U.S. Consumers with Credit Cards are Not Ready for EMV
With less than a month before the EMV liability shift, many consumers have neither received new chip-enabled cards nor are generally aware of EMV
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Principle findings of this study include:
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Of those consumers surveyed who have one or more credit or debit cards:
- Nearly three in five (59%) reported that they have not yet received a new chip-enabled card.
- 67 percent indicated they have not received information from their credit card issuer or bank explaining what EMV means and how it will impact them.
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Of those who have already received chip-enabled cards:
- Only one third (32%) are aware that the U.S. is moving to EMV—and the majority do not know the real reason that they received a new card.
-
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%).
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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%).
"The survey data validates the trends we have seen over the past year;
with less than a month to go until the EMV liability shift, a staggering
number of consumers are neither educated on nor aware of EMV; they don't
know why they have new chip-enabled cards," said
EMV is a global standard for credit and debit payment cards based on
chip card technology, taking its name from the card schemes Europay,
MasterCard, and Visa—the original card associations that developed it.
The standard is now managed by EMVCo, a consortium with control split
equally among Visa, MasterCard, JCB, American Express,
ACI's Universal Payments (UP) portfolio has EMV solutions addressing card and smart chip management issuing, transaction processing and acquiring and payments risk management. For more than 15 years, ACI has played a lead role in the enablement of EMV around the world.
Survey Methodology
The ORC International CARAVAN® survey was conducted from
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View source version on businesswire.com: http://www.businesswire.com/news/home/20150921005091/en/
dan.ring@aciworldwide.com
Source:
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