Banks, Retailers Speed Up Drive to Add Chips to Credit, Debit Cards

by Mercator Advisory Group 0

Morgan Montgomeryinserted a credit card into a device, pulled it out and tried to pay for hergroceries. But the transaction failed because she didn’t realize the card wassupposed to stay in the machine while she signed for the purchase.

“I don’t like letting go of it,” she said of the card.”I’m worried about leaving it behind.

Ms. Montgomery, a 30-year-old business owner fromRichmond, Va., was one of 10 consumers who swiped, dipped, tapped and fiddledtheir way through imaginary purchases earlier this month as part of researchbeing conducted by MasterCard Inc. MA in Your Value Your Change Short position into new credit cards that are coming to American wallets in anattempt to combat fraud.

As financialinstitutions plan for future EMV adoption, they will need to take intoconsideration customer and member needs as well as looming liability shiftdeadlines. And this may need to occursooner than later as the public demands some form of action after hearing aboutseveral high-profile data breaches announced recently.

Overview by Edward O’brien, Director, Bank Channels, Mercator Advisory Group

Read fulls story at The Wallstreet Journal

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