One would expect EMV chip cards to gain acceptance faster among millennials. After all, the under-40 age group was practically born using mobile and web-based technologies. Adapting to new high-tech tools is commonplace for this demographic.
However, research from the Morpace consulting company (April 2016) indicates quite the opposite. Results demonstrate that only 21% of 18- to 34-year-olds prefer chip cards over the magnetic stripe. Contrary to intuition, 48% of the 55+ age bracket preferred EMV.
Additional analysis explained the strange generational divide. Among the older, more affluent card users, perceptions of increased security contributed to adaption. Meanwhile, younger people reported being frustrated with slower transaction times at the point of sale.
Regardless, all users will surely grow more accustomed to EMV as processors and credit card brands decrease transaction durations and the payments industry sunsets magnetic stripe cards.