So Are Merchants and Retailers on the Ball About the New Credit Card Chip Technology?
The short answer is NO. But #ITPN isn't sweating, and neither should you. After all, this transition from magnetic strip to computer chip will be relatively seamless except for the headaches many businesses will have to face as they struggle with the question: invest in the new technology, or face the prospect of dealing with credit card fraud? Tough question….
As it stands, only about a quarter of all merchants in the U.S. utilize those new chip-card readers. That data comes from MasterCard, of course. But it's been mentioned that it could take as late as the end of 2017 before we start seeing all stores, businesses, gas stations and maybe even ATMs utilizing the new technology successfully.
Long time to wait…. But at least you have nothing to worry about until then!
Keep in mind that this is going to be a DRASTIC change as you find your plastic incorporating credit card chip technology. But that’s a good thing!