More than 50 Percent of Retailers Not Fully Prepared as EMV Deadlines Approach
New
Principle findings of the survey included:
- EMV Readiness. Nearly one quarter of respondents are still not fully prepared for the migration to chip & PIN technology, despite the impending October deadline. Of the retailers surveyed (55 percent of total respondents), 14 percent still have work to do, 19 percent are not prepared and 22 percent are still evaluating their options.
- Breaches and Payments Security. More than half (59 percent) of respondents cited that the past year's data breaches have impacted investments in payment security initiatives. 39 percent have already increased investments in payment security initiatives while 20 percent indicated they plan to increase investments in payment security initiatives over the next 12-24 months.
- Omni-channel. Beyond payments security, respondents anticipate the top three biggest investments will be in omni-channel sales/seamless customer experience (37 percent), mobile payments acceptance technology (20 percent) and online/eCommerce initiatives (20 percent).
- Mobile Wallet War. Respondents predict Apple (47 percent) will emerge as the dominant mobile payment technology provider. Google (21 percent) came in second followed by PayPal (15 percent).
Data Breaches Raise Eyebrows, But Not Checkbooks
Despite
retailers' intent to increase investments in payments security, the
survey found a notable lack of urgency regarding the migration to chip &
PIN technology. EMV—Europay, MasterCard and Visa—is the global standard
for credit and debit card payments. The industry deadline for U.S.
retailers to adopt EMV technology is
"Data breaches are top-of-mind for retailers, which have already or are
planning to increase payment security spending, yet a sizable number of
those surveyed are not fully prepared for meeting EMV timelines. At the
same time, consumers want assurances that their data will never be
compromised when they make purchases," said
All Eyes on Omni-channel
Over a third of respondents are
making omni-channel investments their top priority for 2015, although
they are divided on the best approach. Forty-one percent have different
technologies supporting different shopping channels, and 38 percent are
currently addressing all modes of shopping as a single experience.
Mobile payment acceptance is also top-of-mind for investments this year, and respondents were particularly confident in Apple's strategy. The release of Apple Pay in late 2014 spurred renewed focus on the mobile channel, and more than twice as many respondents selected Apple as the champion of mobile payments over other key players including Google, PayPal, and MCX.
Survey Methodology
The survey of 200 global retail and
technology industry professionals was conducted by
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Source:
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