Over a quarter of UK retailers remain unconvinced of the benefit of replacing signatures with chip and Pin systems to authenticate card transactions, research claims.
According to research by retail software firm Retail Logic, one in five UK retailers has decided to put off the chip and Pin upgrade until their next scheduled Point of Sale hardware refresh.
It claims that this means it could be 2010, or even later, before all UK retailers can accept the new cards.
The study found that 56 per cent believed the complexity of the accreditation process, and a lack of clear guidance from banks, were major obstacles to migration.
Despite this, over half the respondents claimed they would be ready before the January deadline, with an additional 26 per cent expecting to go live no more than six months later.
The majority of those surveyed (79 per cent) said they hoped to be ready within the next 12 months, while 34 per cent remain undecided or are planning to wait until their next scheduled hardware upgrade.
Retail Logic marketing director Mark McMurtrie said in a statement: "A few months ago it looked as if the number of stores continuing to rely on signature verification would be much higher, but it should be remembered that the readiness dates cited by respondents are estimates.
"Our experience shows that, without exception, chip and Pin migration projects always take longer than expected and that six months is by no means exceptional."
More than half the respondents (52 per cent) estimated the cost of migration to be between £100,000 and £500,000, with 18 per cent expecting to spend less than £100,000 and 10 per cent more than £1m.
"Anyone trying to create a bespoke chip and Pin system from scratch hasn't got a hope of meeting the January cut-off date," added McMurtrie.
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