New Poll Reveals Consumers Lack Education, Knowledge about New Chip Credit/Debit Cards

by Sarah Grotta 0

Hand of woman paying with contactless credit card, NFC technology

A poll was conducted by Harris Poll on behalf of CA Technologies earlier this month that included 2,071 adults, including 1,101 who have been issued a chip credit/debit card. We know that consumers in general are not well educated about EMV chip cards, and this survey reveals some of the specific areas of confusion. A majority of the consumers surveyed think that the new cards will protect them when making purchases on-line:

Although more than half of U.S. adults who have a credit/debit card have been issued a new chip card (59 percent), only two in five (41 percent) know what the benefits of the chip card are, and even fewer (37 percent) say their card issuer provided information or education on how to use it.
Further demonstrating the lack of knowledge and education, more than three quarters of the credit/debit card owners who have received a chip card said they believe their new chip card will better protect them from fraud during an online purchase (77 percent).

This re-emphasizes the need for clear and multi-layered communications to cardholders. Even those issuers who have already completed or are nearing completion of their migration activities are considering additional communications regarding EMV cards. Since relatively few merchants have the technology up and running, consumers may have very little hand-on experience using EMV cards.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

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