". . . The U.S. has been slow to accept chip-encoded cards until now because most retailers didn't have the machines that could read them, and they didn't want to pay for them. But later this year, retailers that don't accept cards with chips will be responsible for any fraud that occurs as a result. . ."
". . . Mallory Duncan of the National Retail Federation says the new cards won't be as safe as they could be. He blames the big banks. . ."
E>"In essence, U.S. consumers aren't used
X>to punching in a PIN when they buy
C>something with their credit cards.
U> . . .card companies did marketing
S>studies and found out that requiring PINs
E>would actually turn off U.S. customers."
Reason CC companies use signature over. PIN
"The banks want to make sure that cardholders use their card, and so they want to make it as easy for the cardholder. And so until they see adoption of PIN across the system, no bank wants to be the only one with a PIN-only-enabled credit card."
After researching several articles regarding a Chip & Pin cc, the reason Americans did not get the rollout of the EMV card sooner can be summed up in four words --
The God Almighty Dollar.
The merchants hesitate to incur the cost of new terminals, while financial institutions do not want the cost of making new credit cards if the slightest doubt exists that Americans will not embrace the new system. Example: New cards would be placed in the terminal for the duration of the payment transaction. One lady in a field study refused to let go of her card, which raised the question, "How many people would forget to take their card out of the terminal once the transaction was complete?"
"Americans will forget their pin" is plain stupid. (O.K. If a man cannot remember his wedding anniversary date, or a woman as to where she placed her keys does not mean either is incapable of remembering another PIN.)
People employed by the government in high security areas, subcontractors of the same, or medical professionals within a hospital need to remember how many access codes to enter secured areas? How many passwords does one memorize to various websites?
The reason we do not have EMV credit cards is because the American public has not demanded them of their financial institutions. Most people are willing to go along with the status quo until their credit card is one of many that is hacked.
Until the American public demands its financial institutions change our system of how we use credit cards in a way that the information is totally secure, banks will not issue EMV cards & merchants will not purchase the new terminals to read the cards.
In the end merchants, financial institutions, & the American public need to view EMV cards as a win-win situation for everyone involved.