New NRF Survey: Card Companies’ Fault For Holding Up Chip Cards

July 14, 2016/0/0

A recent survey conducted by the NRF (National Retail Federation) in May and June reveals that:

“48 percent of retailers have already implemented the new EMV payment system, or expected to have done so by the end of June. A total of 86 percent expect to have EMV up and running by the end of the year.

Of those who had not implemented, 57 percent said they had already installed the card readers and other equipment but were still waiting for certification by the card industry so they could turn it on. And 60 percent of those said they had been waiting for six months or longer.

Those numbers are considerably higher than those pushed out by the banking industry, which has tried to portray retailers as slow to adopt the new system. But the survey found that EMV is a top priority for retailers — 58 percent of those surveyed called it their top payments-related challenge for 2016, and 72 percent said it is their top payments initiative for the year.

The key issue here beyond the number of retailers who have installed the new equipment is the number waiting to get it certified.”

To read the full article and report, continue here.

 

Card Companies' Fault for Holding Up Chip Cards | Transaction Services