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The deluge of EMV chip cards for the majority of U.S. consumers has yet to happen, finds a survey by ORC International Inc.
In the survey of more than 1,000 U.S. adults, only 26% said they had a chip card. That figure increases slightly among consumers with credit cards, rising to 31%. On Oct. 1, the liability for fraudulent credit and debit card transactions shifts to the party not prepared to accept EMV transactions.
Though some financial institutions have announced mass issuance plans, most have targeted consumers who frequently travel or have high net worth. Indeed, the survey found that 46% of respondents with $100,000 or more of household income had a chip card. Of those with incomes of less than $35,000, the rate is 13%.
In November, Bank of America Corp. announced plans to begin issuing EMV debit cards to new customers. Expectations are that issuers will increase their EMV card mailings through the year. Consumers are likely to be ready, too. MasterCard Inc. found that 60% of consumers were aware of EMV, a 10-point improvement from 2013.
CreditCards.com, a site to help consumers choose credit cards, commissioned the survey.
