Today in “things you didn’t need to do a white paper on,” Square Inc. just released a white paper revealing the widespread frustration consumers are feeling about those chip-enabled credit and debit cards. The cards are said to be more secure than traditional magnetic-stripe cards, but they also slow down the payment process. Customers futzing with payment terminals and trying to figure out where to stick their cards is now a familiar sight at checkout lines around the country. Square enlisted help from the research firm Qualtrics to survey 1,000-plus consumers and found that frustration with slow processing speeds was the No. 1 complaint. An overwhelming 91% of debit card users hated the slower speeds, while 87% of credit card users did.
Here’s more from the paper:
However, although people are more frustrated with the time it takes to check out in stores, they rank security as the most important element of paying with credit cards or mobile wallets. Perhaps because of recent high-profile security breaches, most consumers surveyed are concerned that their credit card information is at risk, with 29 percent of respondents indicating that they’re most uneasy about the threat of fraud and identity theft in the payments process.
In other words, people want speed and security, but they can’t always have both, which kind of makes this study a parable about life.
Here’s more from Square’s blog post.