Why Chip Credit Cards Have Been Such a Flop

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Source: Why Chip Credit Cards Have Been Such a Flop

It’s been seven months since Visa and MasterCard’s Oct. 1 chip-card transition deadline and…no one cares. That includes retailers, only a third of which have upgraded at least 90 percent of their stores’ terminals for the new cards. Worse yet, 42 percent of retailers haven’t upgraded the terminals in any of their stores, according to a survey of 55 major retailers and 1,000 individuals conducted by my company, WalletHub.

As for consumers, 56 percent of people don’t care if a retailer is chip-card compliant and 41 percent say they either don’t have or don’t know if they have a chip-based card. Perhaps there’s a connection. Let’s consider that notion further as well as explore other causes and ramifications of this chip-card power outage:

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