"Many merchants have been taken aback by the speed at which these cards have been issued," said Moeser. "The issuers have gone very quickly to issuing the cards and capitalizing on the liability shift. I don't think the merchant community was expecting this process to be this quick."
As of July, 88 percent of all MasterCard were chip-enabled. In addition, 90 percent of U.S. consumers "commonly" use chip cards, according to a survey conducted by Braun Research this summer on behalf of MasterCard. That's up from 49 percent in 2015.
Meanwhile, the EMV transition does nothing to reduce online fraud -- in fact, online fraud is going up.
"Criminals use POS malware, memory scrapers and other covert technologies to capture all of the payment data they need from unsuspecting retailers, despite the use of EMV," said Smrithi Konanur, global product manager for HPE Data Security at Hewlett Packard Enterprise. "And then can use the stolen data for card-not-present transactions."
Now another deadline is looming. Next month, MasterCard is shifting the liability for ATM transactions -- Visa and American Express will follow in October 2017.
In July, only 20 percent of U.S. ATMs had been upgraded, with MasterCard estimating that just 35 percent would be ready by the deadline.
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