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11 August 2014

Baby Steps

posted by gyma

Finally!

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....

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Comments

spork_incident

I have a chip-and-sig card I used in the UK. It's easy to use but comments were still, Oh, an American card.

If US banks and retailers are making the change I don't know why they don't go all the way. But it's the US and we don't do things rationally. So.

Also, I was in a Barnes & Noble this AM and the particular store had a hybrid "traditional"/chip-and-sig card reader. Baby steps!

Also also: "She said that the explanation she gets from banks is, "We don't want to have to teach Americans how to do two things at once.""

She's right. Americans would, as you say, whine whine whine.


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