With the clock ticking away on the October 2015 deadline for conversion to the EMV chip technology system, banks and issuers are ratcheting up promotion of EMV enabled cards through enhanced customer communication and a shift in messaging within their credit card acquisition efforts.
Chicago-based Competiscan has observed dramatic increases in direct mail acquisition offers promoting microchip-enabled credit cards, known as EMV, since the beginning of this year.
Founded in 2006, Competiscan provides its valued clients insights into the direct marketing strategies of competitors. Its powerful web-based search utility monitors direct mail, email, mobile, online banners, print and social networking communications targeted at consumers, businesses, financial advisors, insurance producers and providers over time.
Seven of the top 10 credit card direct mailers by estimated mail volume have begun promoting cards with EMV via direct mail this year. Since EMV technology has been used in Europe for decades, it is not surprising that Competiscan data also found that credit card portfolios tied to travel rewards or targeted to frequent travelers have been among the first to be transitioned to EMV.
“Unlike conversion to the metric system, complete migration from swipe-and-sign to the EMV chip-and-PIN credit card system will happen in the U.S.,” said Richard Goldman, CEO & Founder of Competiscan. “The rash of large-scale theft of credit card data is all over the national headlines and half the world’s credit card fraud happens in America, so banks and issuers are taking this transition very seriously.”
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