International Business Times – 9/30/15: About 60 percent of American credit card holders don’t have a chip-enabled card — plastic with a smart chip that will eventually replace traditional magnetic strip cards. That’s despite a long-looming credit card company-imposed deadline for banks and merchants to support the technology, according to a survey sponsored by Starting Thursday, merchants become entirely liable for credit card fraud that occurs on their end if they don’t have the terminals and systems in place to support the EMV “chip” standard — short for Europay, Mastercard and Visa. At the same time, customers will have to begin inserting their chip-enabled cards into the terminal and wait for the transaction to complete, instead of swiping. This doesn’t apply to gas station pump readers, which have a deadline of October 2017.
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