This is wrong, or misleading at best. Two of my credit cards are known by their issuer to have chips; both have been used hundreds of times on chip-capable terminals with only the magstripe (because the chip is missing from both cards) with zero complaints or problems; both have had their magstripes copied by restaurant employees and used to illegally purchase goods. If any retailers are treating magstrip info as second-class I've yet to run into one, QED. So the big problem with the chips is that you can reconstruct the magstripe info from quite a distance. And you only need the magstripe info to clone a card well enough to go buy something at your local Wal-Mart or any of the other thousands of shops that don't ask for the CVN2/CVV2 (which, around here, only Sears does ask).
So tell me again why I'd want to use this insecure contactless system when it saves me perhaps a second or two, tops?