You might want to qualify this with “in the US” as chip+pin cards are pretty fast in other countries by comparison.
Also there was a great episode of the podcast “Planet Money” a while back which goes into detail on your question [0]:
> Today on the show, we bring you a brief history of what's in your pocket. It's a story of convenience vs. fraud—and it also includes a hippie inventor, the origin of the last great upgrade on your card, the magnetic stripe, and why it takes so long to "dip the chip."
Also there was a great episode of the podcast “Planet Money” a while back which goes into detail on your question [0]:
> Today on the show, we bring you a brief history of what's in your pocket. It's a story of convenience vs. fraud—and it also includes a hippie inventor, the origin of the last great upgrade on your card, the magnetic stripe, and why it takes so long to "dip the chip."
[0]: http://www.npr.org/sections/money/2016/04/13/474135422/episo...