Fast Facts | ShopTalk | Shop up. Chip out.
Vantiv and Socratic Technologies conducted an online survey with 500 consumers to learn about their EMV card experience
Summary of findings:
- 61% of consumers believe that any extra time needed to process an EMV card is worth the added security
- The gap between EMV credit and debit card widens. As of March 2016, 66% of consumers had an EMV credit card. However, only 36% had an EMV debit card
- 76% of respondents believe that EMV cards are more secure and 46% believe they are more convenient compared to traditional credit and debit cards
- Grocery stores (84%) and Pharmacy/Drug stores (53%) are the retail locations where chip-enabled EMV cards are most frequently used
- Confusion still exists with consumers using EMV cards. 57% can't tell which terminals accept EMV cards and 52% are confused because the process varies from place to place
- 40% of consumers would recommend EMV cards to others
To put this infographic on your site, use this code.
Source: Consumer Survey—Vantiv and Socratic Technologies (2016). View all the data here.
Consumers have mixed reviews about their EMV payment experiences.
While the majority of consumers believe that the extra time is worth the wait (61%), they've also experienced frustration with untrained cashiers (39%) and the process varies from retailer to retailer (52%). Overall, 59% have had a mostly positive experience.
Attitudes about EMV payments vary by age
Millennials and GenXers are more likely to prefer retailers that accept EMV cards compared to other generations (40% vs. 23%). They are also more likely to recommend chip-enabled cards to others compared to older consumers (50% vs. 34%).
Perceptions about the positive benefits of EMV cards compared to traditional credit and debit cards in terms of convenience, speed and ease of use diminishes as age increases.