More than 6 in 10 U.S. credit cardholders still don’t have a chip-enabled credit card despite tomorrow’s deadline, according to a new CreditCards.com report. Credit card issuers have prioritized their richest customers (those with annual income over $75K are more than twice as likely to have an EMV card as people with lower incomes).
Matt Schulz, CreditCards.com’s senior analyst, says:

— Chip cards should reduce fraud in stores that are able to process them, but an unintended consequence could be more fraud in other areas (like online shopping, which is unaffected, and gas stations, which don’t have to upgrade until 2017).
— The EMV migration should help mobile payments services like Apple Pay and Android Pay.
— There could be some angry retailers, since they will be liable for fraud if they don’t upgrade their card readers. This is most likely to affect smaller shops that don’t know about EMV and/or don’t want to incur the costs of upgrading.