Issuers have been converting to chip/EMV technology to thwart the ever-increasing occurrence of card fraud. But how do cardholders view the introduction of chip/EMV credit cards? Most see them as an improvement over their current card usage, according to a recent survey by SYNERGISTICS Research entitled, Chip Cards: The Consumer Perspective. More than three-quarters of credit card holders see chip/EMV credit cards as an improvement over how they currently use credit cards. More than one-third see them as “very much” an improvement. This top-box perception tends to peak among those ages 35 to 64 and those with household income of $75K to $99.9K. This perception is relatively unchanged from 2012, when eight in ten indicated chip/EMV credit cards would be an improvement and close to half said “very much” an improvement.

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Genie M. Driskill, COO of SYNERGISTICS, stated, “A significant number of consumers view chip/EMV credit cards as an improvement over current credit cards. It looks like 2015 is shaping up to be the year of the chip card in the U.S. card and payments market. This encouraging perspective on the part of consumers indicates that providers should encounter little resistance as the cards are rolled out. However, although consumers are positive toward chip cards, their viewpoint has not improved in the past few years. This suggests that further education and promotion continues to be needed as providers issue the cards. As providers continue to issue and reissue cards with chips, the response by consumers will be even stronger.”

These are among the findings from SYNERGISTICS study, Chip Cards: The Consumer Perspective, featuring 1,000 online interviews with consumers age 18 or older. This study examines the consumer reaction to chip cards including their perceived advantages and disadvantages. Consumer reaction to contactless payments is also addressed.