Yes, we’ve seen them all. The memes mocking the speed, or lack thereof, of EMV transactions. That being said, the joke’s over! It was fun while it lasted, but we have good news for all of you accepting chip cards out there.
Since the liability shift last October, a lot merchants have made the switch to EMV, installing equipment that enables their customers to use the embedded-chip payment cards now being issued by banks in the United States. However, recent data suggests many businesses have not made the switch, and some customers are still confused about how to use the cards and with the longer length of time it takes to complete and EMV transaction versus a traditional magstripe card transaction. Some EMV card transactions may take as long as 30 seconds to complete, especially if using chip-and-PIN (which is not in widespread use in the United States) and the card must remain in the terminal until the transaction is complete. However, traditional magstripe cards are going away, so customers will have to get used to EMV, and the card issuers will need to figure out ways to speed up transactions.
It’s been almost two months since the liability shift for the EMV migration, and many merchants have yet to make the switch, while those who have are still figuring out how to adapt the new technology to their business.