{"id":318,"date":"2016-10-19T03:08:29","date_gmt":"2016-10-19T08:08:29","guid":{"rendered":"http:\/\/blog.beaglehardware.com\/?p=318"},"modified":"2016-10-19T03:08:29","modified_gmt":"2016-10-19T08:08:29","slug":"emv-is-turning-one-but-what-do-people-really-think-of-it","status":"publish","type":"post","link":"https:\/\/blog.beaglehardware.com\/index.php\/2016\/10\/19\/emv-is-turning-one-but-what-do-people-really-think-of-it\/","title":{"rendered":"EMV is Turning One&#8230;But What Do People Really Think of It?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">More than a decade ago, EMV chip cards made their way onto the payment circuit. Despite their promises of enhanced security and protection, however, they didn\u2019t garner much attention.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until 2013, that is.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2013 was a year that saw a rash of security breaches amidst high-profile stores, such as Target. With consumers facing greater technological risks than ever before, the retail market and payment networks began to reevaluate the benefits of chip card acceptance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of October 1, 2015, a new law mandated that all retailers accept chip cards, or else face potential liability for fraud. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rather quickly, we saw banks reissuing new chip cards to customers, and stores and restaurants across the United States installing vamped up POS systems that are capable of accepting the EMV cards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So now that we\u2019ve hit the one year anniversary&#8230;what do people really think?<\/span><\/p>\n<h2><b>The Difference a Year Can Make<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In a recent report, prepared by Visa, we received some pretty incredible information. Here\u2019s just a few of the <\/span><a href=\"http:\/\/www.ajc.com\/business\/personal-finance\/americans-have-had-chip-cards-for-year-here-how-going-far\/p3XKuR2n3lR2QVRQadf0GM\/\"><span style=\"font-weight: 400;\">present day statistics concerning chip card usage<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are currently more than 363 million Visa chip cards in use.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Almost 1.5 million retailers and merchants now accept chip cards.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Payment counterfeit fraud is down 47%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While these stats seem quite impressive, it should be noted that we are still far from having an entirely chip-based payment protocol. The same Visa report cites that the 1.5 million vendors previously mentioned only represents about 37% of their business accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses that have made the necessary changes to their existing POS software have also encountered endless issues along the way.<\/span><\/p>\n<p><a href=\"http:\/\/www.paymentssource.com\/news\/risk-analytics\/emv-at-one-year-did-we-do-the-right-thing-3024994-1.html?pg=1\"><span style=\"font-weight: 400;\">Some of the common concerns are<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In-store distribution challenges<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Difficulty obtaining necessary hardware and software<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Issues over programming delays<\/span><\/li>\n<\/ul>\n<h2><b>Do Customers Approve?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Moving beyond the problems that have arisen from the retailer\u2019s standpoint, consumers themselves aren\u2019t entirely happy with the new, standard payment processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it may seem insignificant, the time it takes for customers to run their cards has become an annoyance. Men and women are used to a quick slide of their card that takes about two seconds. With chip-card technology, they are now required to leave their cards in the reader for ten seconds or more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This slowdown is enough to cause a sense of aggravation amongst consumers and has card companies considering a new <\/span><a href=\"http:\/\/www.paymentssource.com\/news\/risk-analytics\/emv-at-one-year-did-we-do-the-right-thing-3024994-1.html?pg=2\"><span style=\"font-weight: 400;\">Quick Chip technology<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this new technology could remedy the amount of time it takes at the checkout counter, merchants seem to be understandably gun-shy about undergoing another software transition.<\/span><\/p>\n<h2><b>Where Do We Go From Here?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We\u2019ve come so far in just over a year, but the future of chip-card technology seems a little uncertain. While the US is consistently moving forward with the transition to exclusive EMV card acceptance, there\u2019s still a large number of bugs that need to be worked out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The question becomes\u2026what will things look like at the end of year two?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than a decade ago, EMV chip cards made their way onto the payment circuit. Despite their promises of enhanced security and protection, however, they didn\u2019t garner much attention. Until 2013, that is. 2013 was a year that saw a rash of security breaches amidst high-profile stores, such as Target. With consumers facing greater technological [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":319,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/posts\/318"}],"collection":[{"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/comments?post=318"}],"version-history":[{"count":2,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/posts\/318\/revisions"}],"predecessor-version":[{"id":321,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/posts\/318\/revisions\/321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/media\/319"}],"wp:attachment":[{"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/media?parent=318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/categories?post=318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.beaglehardware.com\/index.php\/wp-json\/wp\/v2\/tags?post=318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}