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Banks Having Trouble With the EMV Transition Too
For a while now, experts and journalists in the payments industry have been warning merchants and consumers to get ready for the EMV transition, scheduled for October of this year. Large amounts of research, surveys, and data collection have been conducted, and the results show that many merchants aren’t prepared for the EMV liability shift, and most consumers don’t know how to use their new cards. However, a recent survey shows that only 10% of American consumers have even received their new cards, suggesting that banks aren’t prepared for the shift either.
The Numbers Don’t Lie—Banks UnpreparedThe survey, conducted by Gfk Public Affairs for Associated Press, shows that only 1 in 10 Americans have received their new chip cards from banks. With just under two months left to go, American financial institutions will have to work with extreme efficiency if they want to supply the remaining 90% of consumers with new cards in time for the EMV transition. Keep in mind that out of the 10% of new EMV cardholders, only a fraction of those consumers actually know how to use their chip-enabled cards at retail locations.
Anticipating the EMV TransitionAs we look forward to October, many are wondering just how successful the EMV transition will be. Survey data that is collected in regards to the transition always seems to be a bit sobering, and seems to indicate that all parties involved—consumers, merchants, and now banks—are not adequately prepared. Given the data we’ve seen so far, we can assume that the EMV transition will be imperfect at best. Expect the financial institutions and banks to be firm on the deadline, but also expect some rules to loosen up to accommodate those who are unable to meet them.
Resources for EMV Transition NewsECS World has long been an advocate for the safer, more efficient EMV technology. However, we realize that the rollout for the new cards has not been smooth. Below are some resources for consumers and merchants on how they can better prepare for the transition deadline in October: For Merchants:
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