Maybe you’ve noticed: At many stores, both big and small, you still have to swipe the magnetic stripe on your new chip-enabled credit card, rather than insert or dip it into a chip-reader. Edgar Dworsky, founder of the website ConsumerWorld.org, wondered why he’s rarely asked to dip his smart cards, despite an Oct. 1 “deadline” for retailers to adopt the new standard. So he decided to survey the marketplace last week. He checked 48 national and regional chains and found that only one in four had payment terminals able to process a purchase using the chip security feature in the EMV cards (an acronym derived from Europay, MasterCard and Visa, the three companies that originally developed the standard). “Virtually all – except for Radio Shack – have installed checkout terminals with the card slots for these chip cards, but most of them did not work. They had not turned on the system yet,” Dworsky told NBC News. Only 10 chains in the ConsumerWorld survey have enabled the chip card function chainwide: Best Buy, Home Depot, Lowe’s, Macy’s, Old Navy, Rite Aid, Sam’s Club, Target, Walgreens and Walmart. Big-name national and regional retailers that cannot accept chip cards at some or […]
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