Banks across America are making their customers trade in their old debit/credit cards and giving them new cards with the chip into them. Although the chip allows you to make secure transactions most stores do not have the chip readers installed, or they just simply are not working.
Analyst Julie Conroy says despite plenty of notice, lots of merchants waited until an industry deadline last fall to install the terminals. Â "It's not as simple as just buying some terminals that you can plug in and poof, everything works. There is a lot of very complicated software coding that goes on behind the scenes."
Even when the chip readers are working, using your chip card is not as easy or as fast, as swiping your card. Chip cards have to stay in the terminal while the transaction is being completed; an average 10 second wait according to one study.
Visa is trying to change to wait by introducing a software upgrade called ‘Quick Chip’.
 "The consumer will be able to remove their card a lot more quickly from the terminal than waiting for the authorization to go out and come back. Insert the card, wait less than two seconds, and remove the card." Says Stephanie Ericksen, Visa VP of Risk Products.
Quick Chip should be in some stores by the end of this summer.
(CBS News contributed to this report)
