Retailers have faced numerous challenges to adapting to new chip-enabled credit cards, with only 20 percent of terminals equipped to read them having actually been activated, according to Bloomberg. This is despite the Oct. 1 deadline, after which retailers are now liable for fraudulent purchases made in their stories, versus banks. One of the reasons for this is that there simply aren't enough of the new card readers, and training on how to use them. The other reasons have to do with time and money. Not only do stores need to actually buy the new readers--the National Retail Federation estimates that $30 billion to $35 billion will be spent making the update--but once they do have the hardware, they need to certify it as well. This process, according to Bloomberg, can take months. 

Bloomberg said the full transition could take as long as a decade, and by then they might be obsolete already, as more people are using mobile payments instead of cards.