EMV adoption slower than expected: 37 percent of merchants are ready

Wednesday 17 February 2016 11:25 CET | News

Less than half of US card-accepting merchants are EMV-ready, four months after the liability shift, a recent report unveils.

According to a survey conducted by The Strawhecker Group (TSG), 37% of US merchant locations are EMV-ready, four months after the October 1, 2015 liability shift. TSG’s previous survey of payment processors and other payment providers completed in September 2015 estimated that over 40% would be EMV ready by this time, showing a slower pace of implementation than expected before the shift.

By June 2016, it is estimated that consumers will be able to use their EMV credit and debit cards at 50% of US merchant locations. EMV-readiness is not expected to reach a threshold of least 90% of merchant locations until 2017 – more than 15 months after the shift. EMV is a globally accepted card standard that uses an embedded microchip to provide unique data protection when the card is inserted into a chip-card reader.

Findings also reveal that the three biggest hurdles slowing EMV implementation are payment processor readiness, gateway readiness, and technical staff resource availability.

Also, nearly 40% of respondents felt that media coverage had a negative impact on their EMV implementation efforts.

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Keywords: online fraud, online security, cyber security, fraud prevention, EMV, merchants, cards
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions