Quote:
Originally Posted by ScalyFreak
Lack of desire to do so, is my guess. No one wants to be the first one to do it, and lose a very large number of customers who prefer to have lesser security on their cards, rather than be inconvenienced by making the card impossible to use if they lose it.
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Losing merchants is actually a bigger concern, I suspect. While the interest paid by card holders is a lot of money, the main source of income to banks is merchant fees. And sending out a a new card to the card holder is something the card holder expects for free, while the merchant has to foot the bill for his processing terminal, and a merchant who doens't can process chip-and-pin cards. It requires the coordination of millions of businsses to make it happen. That takes years.