In the short term, the new chip credit cards could certainly be the source of some frustration, as retailers and consumers both learn to adjust to them. The expectation is that the long lines during the holiday season are going to move slower because of the change.
Retailers are already frustrated, as the industry has been bickering with the banking industry over the card change, anyway. The dispute involves interchange fees, as well as the fraud burden being passed around between the two sectors.
Ultimately, banks would like to see retailers adopt chip card readers and shore up their in-house defenses against security breaches. Some attorneys general are lobbying for a chip and PIN system, which would help secure the transactions even more than the simple chip method. Retailers complain that they are paying for security that mainly protects banks.
There is a constant push and pull between newer, more secure technology and the short-term low cost of maintaining existing security. One thing is certain: more change is in the works.
That’s yet another reason why it’s good to have a partner like Integrity IT. We understand new technology and will help integrate it into your business so that you stay on the cutting edge of both security and innovation.