The stress of holiday shopping starts earlier every year andthis season, with the added confusion of chip-and-pin credit cardpayment terminals, things are bound to become Grinch-like for someshoppers.

Walmart payments executive John Drechny said during a paneldiscussion at Money20/20, a recent conference which is focused onpayments and financial services innovation, that he was unhappywith the timing of the credit card industry's transition tochip-enabled credit cards because this year shoppers have theoption to pay with older credit cards and newer “chip-and-pin”credit cards.

“We're forcing anarchy on the payments world,” he said. “Walmarthas cut down the time a customer needs to check out with a chipcard to one second, compared to 12 seconds a year ago, but I doubtsmaller chains that just made the Oct. 1 switch-over will be asfast, and that could lead to longer checkout wait times during theholiday shopping season at other stores.”

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.