Study: One-in-Five Consumers Say Chip-Enabled Credit Cards Take Too Long
Among the concerns that consumers have about the new chip-enabled payment system, the fact that the cards take a longer time to process the payment leads the way, according to a new study released today by Harbortouch, a national point of sale (POS) system and merchant services provider.
Released a month after the October 1 EMV transition deadline, the survey of 5,000 U.S. adults offered insight into consumers’ sentiments around the new payment technology and what it means for brick-and-mortar retailers with the holiday shopping season nearly in full swing.
"On average, it takes between seven to 10 seconds to pay using a chip card versus two to three seconds to pay using a traditional swipe credit card," Jared Isaacman, founder & CEO of Harbortouch, said in a statement. "While seemingly small, during busy times like the holidays, these increased processing times could add up quickly. It's possible we'll see longer check-out lines or even cart abandonment by those unwilling to wait. Retailers could feel the pinch from lower in-store holiday sales or customers turning to their mobile devices to shop."