Survey: More than Half of Merchants Not Ready for EMV (Jan. 21, 2015)
Nine months out from the October 2015 U.S. EMV liability shift, more than half of all merchants aren’t fully ready to accept chip cards, according to a study ACI Worldwide released today. In a survey of 200 retail industry professionals at the National Retail Federation’s “Big Show” last week in New York City, 25 percent of merchants said they are not “fully prepared” for the migration to chip-and-PIN technology; 14 percent “still have work to do”; 19 percent are “not prepared” and 22 percent are still evaluating their options.
Merchants face diverse challenges around payments and security, with 59 percent of respondents citing the past year’s data breaches as a driving force in increasing their investments in payments security initiatives. Thirty-nine percent of respondents already have boosted spending on payments security, while 20 percent said they plan to spend more on payments security over the next year or two.
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