The Slow Adoption of the EMV Chip

The Slow Adoption of the EMV Chip

The adoption of EMV chipped credit and debit cards was a big deal… until it wasn’t anymore.

Based on CardHub’s 2016 EMV Adoption Survey, retailers have made it their mission to put off the change in payment terminals for as long as possible and it seems that customers really don’t care if they do or if they don’t.

While retailers and customers are lagging on the adoption process, financial institutions have done what they can to make the cards more secure. The October 1, 2015 deadline, set by Visa and MasterCard for the transition away from magnetic-stripe card security, was met by the majority of banks and financial institutions while, six months later, 42 percent of retailers still haven’t changed over their payment methods. And of the retailers that saw a data breach in recent history, only 43 percent of them have updated their terminals.

It seems that the retailers are slow to move because the customers really don’t care, and at times, show favor for the magnetic stripe version of payment. 56 percent of people don’t care if a retailer’s payment terminal is chip-enabled and another 41 percent don’t even know if their current card has a smart-chip in it. Of all those people, only 38 percent understand why the chip is even necessary to secure their financial data.

Perhaps the most overwhelming finding in the survey is that 41 percent of people falsely believe that their debit cards protect them from fraud better than credit cards.

In the detailed findings of the survey, CardHub found that WalMart, Target, The Home Depot, Walgreens, CVS, Best Buy, Macy’s, Rite Aid, Gap and more have adopted the EMV chip-enabled payment machines while stores like Alberstons, Pizza Hut, J.C. Penny, Bed Bath & Beyond, Family Dollar and Staples haven’t changed not one of their payment terminals.

Some stores like, Jimmy John’s and Dairy Queen are at a high percentage of chip-enabled terminals, but have not yet placed the new devices in all their stores.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.