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September 22, 2015

Majority of US consumers still not ready for EMV: ACI Worldwide survey

With less than a month before the 1 October EMV liability shift, six out 10 US consumers with credit cards are still not ready for EMV, according to the new EMV Readiness Survey by ACI Worldwide.

By Verdict Staff

With less than a month before the 1 October EMV liability shift, six out 10 US consumers with credit cards are still not ready for EMV, according to the new EMV Readiness Survey by ACI Worldwide.

The survey finds that out of consumers with one or more credit or debit cards, 59% have not yet received a new chip-enabled card.

Sixty seven percent of the consumers said that they have not yet received information from their credit card issuer or bank regarding the meaning of EMV and its impact on consumers.

Among the consumers who already received chip-enabled cards, merely 32% are aware that the US is moving to EMV, while the majority still remain unaware of the real reason for the switch to the new card.

Out of respondents between the 55 and 64 year age group, 86% have heard or seen information about EMV as against 66% of respondents between 45 and 54 years, and 66% in the 65+ age group.

The survey further cites that EMV awareness is high (78%) in the millennial segment (18-34 year group) and Gen Xers (35-44 year group).

Also, 23% of respondents from the Western US hold the view that the reason for receiving the new cards was data breaches.

This view has been reiterated by 17% living in the Northeast, 10% in the Midwest, and 7% in the South regions of the US.

ACI Worldwide senior vice president, payments risk management, Mike Braatz remarked: "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.

"And if consumers are unaware, the implications for retailers come October and throughout the holiday shopping season could be major, especially as retailers prepare for this new payment experience."

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