Although chip card use was anticipated to be well underway in the U.S. — and the Payment Liability Shift went into effect October 1, 2015 — payment security continues to ramp up slowly.
At the time of the shift, about 60 percent of Americans still didn’t have a chip card, according to a survey by CreditCards.com — reflecting the slow rollout of issuing the new encrypted cards.
Moreover, many merchants are contributing to this sluggish transition. The majority of small businesses “plan to comply either at a later time (34%) or do not plan to upgrade their systems to comply (21%),” according to a Wells Fargo/Gallup survey. And, as of July 2015, that same survey found that 49 percent of small businesses were unaware of the shift and the upgraded payment system it requires.