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Netflix you missed earnings don't blame it on the EMV roll out! The media company is claiming that the roll out of new cards led to a high churn rate as customers who were issued new EMV enabled credit cards didn't update their Netflix accounts with their new card information.
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Netflix is blaming disappointing US subscriber growth on the transition to chip-based credit and debit cards. These new cards are designed to combat fraud, but apparently are also wreaking havoc on Netflix's payment system. In a letter to shareholders, Netflix said its forecast for the third quarter was off due to higher-than-expected "involuntary churn" because of the transition in the US to a different credit-card technology.
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