CNBC – American consumers are finally getting on board with new chip-enabled credit cards — but retailers aren’t following suit, leaving them vulnerable to fraud, according to a study released Thursday.
Seventy percent of U.S. credit card holders have EMV chip cards, according to CreditCards.com. Meanwhile, between 22 percent and 37 percent of retailers have adopted the technology, the survey said, citing research from Boston Retail Partners and The Strawhecker Group.
“Consumers have the chip-enabled cards and are looking to use them,” said Rob Cameron, chief product and marketing officer at Moneris, one of the largest debit and credit card processors in North America. “We’ve certainly seen an increase in interest from our merchants in moving toward EMV-enabled terminals.”
The deadline for converting to the new cards was October, when merchants became financially responsible for fraudulent charges on credit cards, according CreditCards.com, which in March conducted telephone surveys of more than 900 people who owned major credit cards. EMV adoption tends to be higher among older, college-educated consumers and men, while it is less common in rural areas, the study found.