Nearly every retailer is well aware of the October 2015 deadline to adopt EMV technology. While this has been set by MasterCard and Visa, as we reported last week, there are some experts who do not believe it will signify a sudden boom in the marketplace where these chip-cards are everywhere by the end of next year.
Because this is a change from the norm, widespread adoption is going to take some time. However, it seems that consumers may be more onboard with this change than previously thought.
Recently, Vision Critical surveyed 1011 American adults to figure out their feelings toward chip-card technology. The study found that 69 percent of respondents believe that an EMV chip would make their credit payments more secure, while only 5 percent believe the opposite will be true.
However, there is some confusion over how this shift will work and how to actually use the cards. The report found that 63 percent of respondents do not know when they will receive an EMV chip card and only 10 percent said they already have one. Making matters worse, 66 percent said they do not know if a chip-card will have the "tap and pay" features.
POS card processing is evolving and businesses need to be aware of this. EMV technology is going to change the landscape, but if consumers are onboard it will make the implementation much easier. With the help of an payment processing firm, any businesses will be able to deploy these systems with confidence.