Only 27 per cent of US merchants will be EMV-ready by the October 1st liability shift, representing a sizable decline from 34 per cent estimated in March, a report from The Strawhecker Group (TSG) has found.
By December 2015, 44 per cent of U.S. merchants are expected to adopt EMV, however EMV-readiness will not reach a threshold of least 90 per cent until 2017 – more than 15 months after the shift.
“Though the cost to become EMV-ready may be substantial to many, merchants with fraud exposure should get ready for the liability shift,” says Mike Strawhecker, principal at TSG.
TSG, a management consulting company focused on the global payments industry, found that the three biggest hurdles slowing EMV implementation are processor readiness, gateway readiness, and replacement point-of-sale (POS) terminal readiness. The results were based on a sample of 62 payment service providers.
Here is an infographic breaking down all of TSG’s findings:
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