The Strawhecker Group (TSG) released survey results that illustrate only 27% of US merchants will be EMV-ready by the October 1st liability shift. This represents a sizable decline from 34% estimated in March.
By December 2015, 44% of US merchants are expected to adopt EMV, however EMV-readiness will not reach a threshold of least 90% until 2017 – more than 15 months after the shift. EMV, or “Europay, MasterCard, and Visa,” 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.
Most card-accepting US merchants may be liable for fraudulent transactions if they are not “EMV-ready” by October 1, 2015.