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)
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.