NAPLES, Fla. (9/25/15)--As financial institutions scramble to meet the Oct. 1 Europay/MasterCard/Visa (EMV) liability shift deadline, most consumers do not appear ready for the transition.
Six out of 10 consumers reported to have either not received their chip-enabled card or are uncertain about how to the use EMV cards, according to an ACI Worldwide survey, which sampled over 1,000 U.S consumers.
Of those consumers surveyed who have one or more credit or debit cards, nearly three in five (59%) reported that they have not yet received a new chip-enabled card.
Another 67% indicated they have not received information from their credit card issuer or bank explaining what EMV means and how it will impact them.
Of those who have already received chip-enabled cards, only one third (32%) are aware that the U.S. is moving to EMV. The majority do not know the real reason that they received a new card.
“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,” said Mike Braatz, senior vice president of payments risk management at ACI Worldwide. “Although October is the date for the liability shift, we know issuers, acquirers and retailers are still working on issuing cards and upgrading payment acceptance systems to address EMV.”