More than half of US consumers (56%) don’t know what an EMV credit card is and 53% have not yet received one, research from Harbortouch reveals. 60% of consumers with an income of $25,000-$49,999 were unaware of EMV cards compared to 26% earning $150,000 and above. “Only 50.8% feel the technology will make them more secure,” the company adds.
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In part because they do not want to admit the retail payment system is in the ditch and in part because they are afraid that anything they say will be used against them in all the ongoing litigation, the industry has been almost silent on the things that might make things better.
while they are more than happy to promote new accounts, they do not promote safe use, much less new technology. They have not promoted EMV, tokenization, mobile, or proxies. I am not surprised that issuers, merchants, and consumers can be found somewhere between ignorant and apathetic about EMV, and forlorn of hope that things will get better.
The industry complains tha merchants resist the cost of EMV but takes no responsibility for teaching them the corresponding value.