Consumers Do An About-Face on Chip Cards Posted by AVCU on 7:03 AM

It wasn’t that long ago as issuers moved to chip cards from mag stripes that consumers were complaining about the change. But now More than half (54%) of U.S. consumers say inserting a chip card is their preferred payment method, according to a report from Ingenico Group and FreedomPay.

This is significantly more than the 11% who prefer swiping a magnetic strip card, noted LowCards.com in its analysis.

Contactless payments are increasing in popularity, though they have not taken off just yet. Only 7% of respondents said they preferred to tap their contactless cards, and 4% chose digital wallets for their payment of choice.

The research found that 84% of businesses currently accept contactless payments, but 63% of consumers do not know they can tap-to-pay, LowCards.com said.