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Confusion but hope as US faces payment revolution

Martyn Williams | April 6, 2015
In six months, new card regulations could usher in greater acceptance of Apple Pay and its competitors.

An advantage of this approach is that the new terminals also include readers for NFC [near-field communication] systems like Apple Pay, Google Wallet and Samsung Pay.

For consumers eager to adopt mobile payments, the switch could bring wider acceptance. But the new cards are also expected to bring some confusion. In most countries, chip cards also ushered in an era where PINs, rather than signatures, are used to verify a transaction. Many banks and retailers are expected to stick with signatures, but some automated terminals such as gas pumps might start requiring PINs.

With six months to go, card issuers appear resolute on the October 1 deadline and most people involved agree that a further delay would cause a loss of faith in the switchover.

 

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