AUSTIN, Texas—EMV technology is coming to the U.S., but it will not be a smooth transition, according to a new study.
A report from SoftwareAdvice.com reveals that while large businesses may be aware of the October Visa and MasterCard liability shift and what it requires, data suggests that only a small percentage of small and medium-sized businesses (SMBs) are prepared—69% of SMBs don’t think they will be able to meet the deadline, and 25% were unaware of the upcoming deadline. Eleven percent of SMBs already have EMV terminals.
“We may anticipate a lot of broken eggs along the path to full adoption, and can expect that, even now, criminals are working on ways to defeat this enhanced security,” SoftewareAdvice.com stated.
“To make matters worse, American cardholders may have a difficult time learning how to use their new cards,” said Bill Hardekopf, CEO of LowCards.com in Birmingham, Ala., noting that the survey indicates 82% of consumers in the United States have never made a purchase with a chip-and-PIN card.
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