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

  • Mobile Safe Shield

    Mobile Safe Shield

    SafeWood Designs, Inc., a manufacturer of patented bullet resistant products, is excited to announce the launch of the Mobile Safe Shield. The Mobile Safe Shield is a moveable bullet resistant shield that provides protection in the event of an assailant and supplies cover in the event of an active shooter. With a heavy-duty steel frame, quality castor wheels, and bullet resistant core, the Mobile Safe Shield is a perfect addition to any guard station, security desks, courthouses, police stations, schools, office spaces and more. The Mobile Safe Shield is incredibly customizable. Bullet resistant materials are available in UL 752 Levels 1 through 8 and include glass, white board, tack board, veneer, and plastic laminate. Flexibility in bullet resistant materials allows for the Mobile Safe Shield to blend more with current interior décor for a seamless design aesthetic. Optional custom paint colors are also available for the steel frame.

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.