With the EMV deadline come and gone, many retailers, consumers and industry experts have noticed some initial growing pains with the new technology. Here are four of the potential issues:
- Longer lines. It's going to take some time for people to acclimate themselves with the new technology, so longer lines are bound to happen. According to a report from NBC News, checkout times can be extended by as much as 20 seconds. That may not seem like much, but it adds up quickly, especially with the holiday shopping season right around the corner.
- Lost cards. So, one of the differences in the payment process between magnetic strip cards and EMV is the fact that embedded chip cards have to remain in the reader during the transaction, not just quickly passed through he reader. This is likely to lead to an increase in cards being left behind.
- Overseas. The main difference between EMV implementation in the U.S. versus other countries is the authorization process. In other countries, customers enter a PIN, much like a debit card, in order to process the payment. This adds an extra layer of security to the entire transaction. This differs from the U.S., where only a signature is required for authorization, not a PIN. Though many companies can provide their customers a PIN for overseas use, NBC News reports that some card issuers may not have that ability, making the card unusable for foreign travel.
- Online fraud. EMV was only designed to add more security for in person purchases, so it has no added benefits for online transactions. In fact, with the increased in store security, many financial experts expect online fraud to increase.
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