The new process of buying something in a store these days: 1. Swipe card, 2. Get scolded by cashier to use the chip reader, 3. Insert chip and cancel all foreseeable plans. The WSJ has pulled out the stopwatch for over over 50 transactions at various retailers and calculates it takes twice as long to pay with a chip card than with a card swipe---on average, 13 seconds versus seconds. The author believes this will be the final straw that kills the plastic card, opening the path for mobile payments once and for all.
The bad news? “Many merchants have had to get through chip-card EMV certification first, and that has taken priority over mobile implementation.” Yes, the long wait for real progress continues. But you’re not as helpless as you feel. While the industry continues to shuffle its deck of plastic cards, we’re going to push the mobile payment revolution ahead. So do your part: Next time you see that chip-card terminal, ask, “Can I pay with my phone?”