Originally Posted by
cbn42
I don't have any data, but I would not be surprised if knowing they have to enter a PIN makes some people spend less, and banks do not want that. It's not about what consumers want, it's about what banks want.
I have to doubt that theory. A large number of people buy stuff using debit cards today and they require a PIN input.
When people buy gas at the automated pump, it asks you to input your zip code. That's another form of keypad input at point-of-sale right there.
And, today a large number of purchases are done online. And what do you do when you make a purchase online? You enter in the credit card number, expiration date, and the CVV code. It's not much of a hassle to enter in something to become a hinderance to purchases.
Entering credit card info online, debit card PINs, zip code verification, all of it is an input by the user. I doubt that requiring a PIN entry for credit cards is going to have this massive Armageddon like effect of hindering people from purchasing things.
And if they're worried about that, they can just as easily add EMV contactless feature so people can do tap n go payments.