Merchants will be required to have a point-of-sale terminal that can read the chip by October. If they don't, they will assume responsibility for any fraudulent use of a card that has a chip.
However, it will be almost universally "chip and SIGNATURE" for credit cards. Unlike other countries that use a PIN, it would require a large change in how some merchants process credit cards -- like restaurants.
I think we will eventually go to PINs in the US. But, it won't happen this year.
Part of the T&C will force somebody other than the credit card company or the issuing bank to be responsible for losses.
All approved by Congress at some point.
Banks win, consumers and merchants lose.
I don’t understand why they can’t go to a biometric that analyzes the signature itself, including the cadence with which it is written.