Consumers Not Impressed With Security-Chip Cards
Yes, chip-enabled card transactions are secure than the swipe method but people are aggravated by the new method because it takes them longer to “get in and get out” of the store.
Square, in a company blog post, said roughly 75 percent of consumers use merchants that have the chip cards, which is an increase of 35 percent from this time last year. The survey asked 1,000 people what their key payment complaints were, and 37 percent replied it was the slow lines.
According to Square, near-field communication (NFC) technology that allows for wireless payments is the key to consumers’ issues.
NFC is the technology Apple Pay and Android Pay use, and is quicker than the insertion of a chip card into a reader. All a person has to do is tap their phone to a card reader to purchase their items. Square ensures NFC is a safe payment technology option, but it’s important to note that NFC payments do have their own security issues.
The problem behind this option is that people don’t trust NFC payment security. According to the survey, more than three-quarters of the 1,000 polled have never used NFC payments mainly due to security concerns.
For adults 35 and older, only 26 percent had used NFC payment methods. This is compared to 45 percent of people younger than 35 who have used it.