Deadline near for “chip & pin” credit cards

Retailers should have readers by Oct. 1; Consumers should have cards by beginning of new year

(NBC News) The much anticipated chip & pin credit cards are about to become the norm at retailers nationwide.

“October 1st is the deadline when retailers are trying to have chip readers put in place,” says National Retail Federation’s Craig Shearman.

About 60 percent of all stores are said to already have the readers while credit card companies have until the end of the year to get the new, safer cards into the hands of consumers.

“We’ve seen dramatic drops in fraud in other markets at soon as chip cards are distributed to consumers by 70, 80 or more percent,” explains Carolyn Belfany of Mastercard USA.

The credit card industry argues that it’s asking too much to ask consumers to remember, yet, another 4-digit pin number, which the retail industry refutes.

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