Primarily because it's a big 1 time total system cost to change due to old technology that is current. In such circumstances, no one bites the bullet unless som

Primarily because it's a big 1 time total system cost to change due to old technology that is current. In such circumstances, no one bites the bullet unless some outside regulatory body enforces it & in the US, regulators tend to have close links if not prior & post tenure employment with the industries they regulate. It's not as much of a habit change issue as much it's an incentives issue of who wants to pick up the one time cost . In a developing market like India & I'm seeing the big transition to chip & pin happenning right now mandated by the reserve bank. I also saw the transition to securecode additional verification for online payments happen years back similarly - that has still not happened in the Us. The decision makers there are all primarily career economists in Government Service even though there's a lot of secondment into policy framing working teams that happens from the financial industry.