Consumers Anxious For Chip And PIN Credit Cards
Consumers in the United States are more than willing to transition to chip and PIN cards. In fact, a recent survey indicates the majority of Americans are looking forward to the transition.
According to a survey from Vision Critical, 69% of Americans believe that EMV chips will make their purchases more secure. Only 5% believe the chips will lessen the security on their cards.
Even though Americans are anxious to use chip-based credit cards, 64% of respondents are currently more likely to pay in cash rather than credit cards because of the recent credit card breaches. 38% said they prefer the idea of chip and PIN over chip and signature, but there is still a big question about whether people will be willing to use these cards when they are available.
The key is to keep people confident in their financial institutions. The survey showed 80% of respondents were confident in the security measures at their banks, and 73% were confident with their credit and debit card issuers.
One in ten respondents said they have already received an EMV chip card, but nearly two-thirds of those surveyed were not sure when they would be receiving one. All credit card companies and merchants in America are looking to switch to chip and PIN technology by October of 2015.