A quarter of the UK's retailers remain unconvinced of the benefit of moving to EMV Chip and PIN for plastic card transactions, according to a survey by Retail Logic.
With just six months to the 1 January fraud liability shift deadline, the survey also shows that over 20% of retailers have decided to put off the upgrade until their next scheduled PoS hardware refresh, meaning it could be 2010 or even later before all UK retailers can accept the new cards.
Responses were received from retailers operating fewer than 10 stores to those with over 250. More than half (56%) said the complexity of the accreditation process and a lack of clear guidance from the banks were major obstacles to migration.
Only 53% of the respondents claimed they would be ready before the January deadline, with an additional 26% expecting to go live no more than six months later. The majority of those surveyed (79%) hope to be ready within the next 12 months. Thirty four percent remain undecided or are planning to wait until their next scheduled hardware upgrade.
The majority of respondents (52%) estimate the cost of migration to be between £100,000 and £500,000, with 18% planning to spend less than £100,000 and 10% more than £1 million.