Security is a major topic of conversation in the payment industry. Every major breach is news and consumers and businesses alike are putting a higher priority on having the right security features in place.
Recently, NXP sponsored a survey by Vision Critical of 1011 American adults to examine consumer feelings toward EMV chip-card technology and POS security in general. The results show that that 69 percent of respondents believe that an EMV chip would make their credit payments more secure, while only 5 percent believe the opposite would be true.
"There is a trust in technology and [in] their financial institutions to ensure their safety," Brintha Koether, the segment director for payments at NXP, told eWeek in a recent article.
She added that many consumers in the U.S. appear to be unaware of credit card issuers' plans when it comes to EMV and chip cards. The study found that 63 percent of respondents do not know when they will receive an updated version of their cards with an embedded chip, while 10 percent said they already have. There is also confusion about what constitutes "contact-less" payment solutions, as 66 percent of respondents don't know if EMV is capable of that functionality.
The report also found that in the aftermath of a breach, 64 percent of consumers would be more likely to pay cash because it is the most secure option available.
Payment security is something that every business needs to be concerned about. Organizations should partner with an experienced solution provider to deploy quality payment solutions.