r, principal at TSG, said in an emailed statement. "For example, there are thousands of banks that need to issue new cards to millions of consumers, millions of merchants that need to get their technology upgraded and staffs trained, as well as thousands of technology providers making changes to their infrastructures and offerings."
"We're a little bit between a rock and a hard place,'' Duncan says of the Oct. 1 liability shift. "We're taking a baby step in order for the ba
businesses, there's more urgency for certain retailers, like jewelry shops, to have updated their technology in time for the October liability shift, than, say, a neighborhood deli that has low-value transactions and repeat customers.
"We want all merchants to move to EMV as quickly as possible because it adds to security ... but most card fraud occurs at electronic stores, (and) high-end luxur
Still, Ericksen says there's been a great deal of progress. "We're very encouraged by what we're seeing so far,'' she says. "We're exactly where we expected to be. ... It's a lot of infrastructure to upgrade.''
As of Sept 15, more than 314,000 merchant
gust 2014, to 151.8 million as of mid-September. That represents roughly 21% of all Visa credit and debit cards in the U.S.
Also, the Payments Security Task Force says that roughly 60% of all cards from top issuers will be converted to chip by the end of this year, going to 98% by the end of 2017. Meanwhile, 40% of terminals are expected to be chip enabled by the end of 2015, according to the task force.
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