Visa Amps up Chip Card Education Campaign
Visa wants more people to be aware of its technology to make credit card payments more secure.
While Visa’s market research reveals that 52 percent of consumers are aware of chip cards, Visa feels that number is much too low. The education campaign will include advertising and promotions through online content, planned events, and in-stores with merchant partners.
Ellen Richey, chief enterprise risk officer at Visa, commented that “the adoption of chip technology has the potential to virtually eliminate in-store fraud when widely adopted, and will help consumers feel more confident about using their payment cards in stores. Moving quickly to adopt technologies like chip cards, and digital account numbers or “tokens” in place of payment account data, will ultimately ensure personal account information is further protected, and even if stolen, is in a form that can’t be used by criminals.”
Visa’s campaign comes at a time when the need for increased payments security is bigger than ever. Recent high profile attacks on major retailers have exposed the credit card data of millions, and left many customers feeling insecure at the register. Target, Home Depot, and Kmart are among those stores suffering data breaches in recent months.
Visa plans to capitalize on the experience other countries have had in implementing the chip cards. Richey noted that “what [these countries] have shared with us is that the more education we provide, the more expedient and seamless the transition.”
Among the 52 percent who reported being aware of chip cards, 70 percent expressed interest in learning how to use them. Seventy three percent indicated that they knew chip cards are more secure than the old mag-strip cards.
Visa is also in the process of rolling out additional security features, including digital account numbers, to counter fraud that can’t be prevented by chip cards alone.