SAN FRANCISCO—A new report indicates that consumers, despite chip cards’ improved security, are unhappy with the new EMV plastic.
The report also suggest that tap-and-go is the way to improve consumer satisfaction here.
A study from 1,000 consumers by Square found that 91% of debit card users and 87% of credit card users are frustrated with the new cards due to the fact that dipping the chip card takes longer than a swipe. The payments company noted that 75% of shoppers at its merchants are now using chip cards, up from 40% last year.
The study revealed that the primary payment complaint consumers have right now is the speed of the EMV transaction.
Square suggested that the solution to consumers’ woes and the slow checkout lines is moving more cardholders to tap and go—whether that be with dual interface plastic or a digital wallet.