They have until October 1st, to become EMV-chip compliant. However, many payment processors are not equipped with the technology needed to handle EMV chip-and-PIN credit transactions. The first round of EMV cards -- many of which are in consumers' hands -- will be equipped with both chip and magnetic-stripe functions so consumer spending is not disrupted magnetic strip card fraud merchants can adjust. Mastercard noticed a difference even earlier:
8 FAQs about EMV credit cards
Wait, what's the card called? Everyone is familiar with the magnetic stripe on the back of a credit or debit card. The offers that appear on this site are from companies from which CreditCards.
EMV technology will not prevent data breaches from occurring, but it will make it much harder for criminals to successfully profit from what they steal. The only exception is gas stations. For merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems, and complying with new liability rules. Previously, merchants used manual credit card devices that created multiple paper receipts by sliding a bar over the receipts and thereby imprinting the card number onto the paper. A magnetic stripe magnetic strip card fraud is inexpensive compared to other card technologies and not hard to program.