The EMV deadline has already come and gone, which means merchants are now responsible for fraud involving cards present during transactions. While the major U.S. credit and debit card issuers behind the EMV standard have pushed for adoption, some merchants and consumers are still taking their time with conversion.
The chip-enabled cards are making progress and a majority of U.S. residents now have a card with a chip, but merchant adoption is still slow. Analysis by EMVCo found only 7 percent of all transactions in the country used this technology in 2016. Considering the deadline initially passed in October 2015, the number is eye-opening to say the least.
The slow adoption of EMV hasn’t changed the rules for most merchants, however. Outside of a few exceptions, like the one for card-enabled gas station pumps, businesses are still on the hook for any card-present fraud that occurs without an EMV-enabled payments system in place.
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