Specifically today, I'm talking about chipped credit cards, which the rest of the world has had for years longer than we have, and they're a lot less annoying. Bloomberg's Ben Steverman explains why:
It's an awkward and irritating experience, and payment companies are aware of the problems. "Some places, it's seamless and beautiful," said Robert Martin, North American vice president of security solutions at Ingenico Group, the second-largest maker of payment terminals in the U.S. "Other places, not so much. But we're learning."
Unfortunately, there are no easy fixes. To connect to card networks, retailers use a countless array of software providers and payment processors. Payments can also be linked to more than a dozen other applications controlling store operations, from coupons to inventory. If not configured perfectly, this tangle of systems and vendors can slow chip transactions to a crawl.
Customers' experience with chip cards should improve gradually, one upgrade at a time, as the systems become more standardized, industry experts say. Slow transactions and confusing interfaces will disappear, or retailers risk losing customers to rivals with more pleasant checkout experiences.
Once again, the U.S. is way behind the rest of the world. In the U.K. and Canada, about 40 percent of Visa's transactions are contact-less, the payment network says. In Australia, the number is 85 percent.
And let's not forget: in the rest of the world they use chip and PIN systems, which are far more secure than chip and signature. Maybe someday...