Chip&Pin Credit Card Adoption 8 million merchants missing?

We know EMV should be installed in your credit card acceptance machines by October of 2015 (so already 9 months past) as per PCI compliance standard. The New Pin and Chip cards are also called EMV cards (Europay Mastercard and Visa).  Pin and Chip logo above is from UK site – and it looks good.


Above is the Verifone VX520 which is capable of receiving chip enabled credit cards.

Since Mastercard and Visa may have different processors the adoption times may be different – with Mastercard a 170%¹ increase of chip-active local and regional merchants came on board. and almost 70% of all US issued Mastercard  credit cards are now Pin and chip capable.  (1.4 million merchants are capable of receiving EMV cards on June 2016)

Which of course means that 30% of all consumer credit cards are not yet. And many merchants have yet to install the Pin and Chip capable credit card machines (like the Verifone VX520 above).

For Visa on their page² they try and explain the ramifications if you don’t update:

Starting October 1, 2015, businesses that don’t accept Visa chip card transactions may be responsible for any resulting counterfeit fraud

The claim is that 766,000 Merchant locations are accepting the EMV cards³ by the end of the year 2015

So if by July 2016 1 mil VISA  merchants and 1.4 million Mastercard merchants then how many have not adopted yet?

There are 27.9 million small businesses(quick Google search) but not all businesses accept credit cards. Although we can safely assume the adoption rates are not mentioned on VISA/Mastercard because they are low. An article in Business Solutions(4) stated that adoption is at 37%  for the new EMV chip enabled cards


So let’s do some math(I love math) Let’s round up to 40% the adoption of EMV by June 2016. and since there are 28million small businesses

According to NFIB (National Federation of Independent Business) 51% do not accept credit cards…

So actual numbers:

28 mil *.49 = 13.7 mil businesses have credit cards in the US.

How many adopted EMV?   13.7mil * .4 =5.5 mil businesses have adopted EMV and so 13.7 – 5.5 = 8.2 mil businesses have not.

(Updated this calculation with more accurate numbers)

My educated guess was 10 mil, but the actual number is closer to 8 mil.  I will redo the headline.



If you get a claim on your credit card processing and you do not accept pin and chip then the small business is liable for the problem and this can run into the tens of thousands of dollars.


I would guess that 10million or 60% not yet adopted is a decent guess since there are many slow moving businesses and just do not see the sense in getting the new machines yet.

We must note that 90% adoption is mentioned by both Mastercard and Visa by end of 2017 so technically these 10 million businesses have another year to fulfill the projections. But for a whole year these businesses are taking a higher risk – I wonder if they know that???



So I wonder if you have proper insurance? I bet if these businesses knew their risks they would just install the new card processing machines.

Contact me to discuss.




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