posted by gyma
By October 2015, the country’s two largest card payment networks, Visa and MasterCard, want a system in place that replaces the magnetic stripe on the backs of credit and debit cards with a chip.
U.S. businesses claim the move will cost in the billions and you don't really think Jamie Dimon is going to "donate" any of JPMorgan Chase's $25 billion (estimated 2014 net profit) to the cause, do you?
So you and I will pay for this one way or the other. And the U.S. is going the way of chip-and-signature vs. chip-and-PIN technology so this will only protect against counterfeit cards, not lost and stolen cards. Buying crap on the Internet will be more troublesome than ever.
Let the whining begin in 3...2...1....