April 12 — It’s been less than three years since wide availability of EMV cards, consumers now seem to prefer chip card readers to other forms of card payment. This preference is a marked change from a year ago, when consumers preferred the swiping method of card reading.
The Expectations & Experiences: Household Finances survey from Fiserv found that 36 percent of consumers now prefer chip card readers to swipe (30 percent), cash (17 percent) or check (8 percent) as a method of payment. Almost a third of survey respondents perceive the chip readers as more convenient, and almost a quarter perceive this method as being faster.
Consumers are also beginning to express in cashless ATM withdraws as well as using ATMs for more than withdrawing cash for themselves. Thirty-seven percent of respondents saw the appeal of cardless cash options for receiving cash from an ATM, and this number jumped to more than 50 percent for millennials. However, only 7 percent of consumers currently use this service, and 22 percent reported they would only use it in an emergency. Reasons for using such a service were PIN security (16 percent) and lack of need to carry a debit card (6 percent).
There is also interest in using ATMs to transfer cash person-to-person. More than a third (35 percent) of those surveyed expressed interest in the ability to transfer funds from one ATM to another. Again, this number climbed when narrowed to the millennial age group, reaching 62 percent.