First, chips are not slower than magnetic strips. They're also far more resistant to wear and tear that plague magnetic strips.
I don't live in the US, and have used both systems (all three, if you include chip/sign). I do indeed prefer chip & pin, because I don't like touching store pens. At least I can tap the pin pad with my knuckle.
|Quoting CPH-R (Reply 12):|
Down here, Danish banks have started issuing credit cards with NFC technology,
This is also widely deployed in the US. My American bank cards have "Visa Pay Wave", which is essentially an NFC chip (in addition to the EMV chip and the magnetic strip. They are accepted at almost every retailer, but nobody really knows how to use them because there was never a coherent PR
campaign on the subject. Likewise for Apple Pay/Android. These technologies are more widely accepted than consumers realise. It's a PR
blunder more than a technological one.
I think many US banks are counting on NFC leapfrogging EMV anyway. I wouldn't be surprised if that's the norm in 10 years.
|Quoting Aesma (Reply 18):|
The chip card was a French invention (used for decades here) so that's why the US didn't go with it, or at least that's the story we're told !
Nonsense. There are economic and logistical reasons for not shifting sooner. It being a French invention has nothing to do with it. Aside from "Freedom Fries" 12 years ago, I don't see any evidence of any adversarial (even constructively adversarial) treatment of France. Americans like France and aside from the occasional ribbing, it's admiration and respect. That ribbing is no different than the constant needling of many people in France and other countries against the US. So, I have to assume it's all in good spirit.
One key reason the technology was slow to be implemented was the large number of merchants to whom it needed to be deployed. It's an overwhelming task, and many merchants don't like being told "you must do X, or else."
What's more, many of the calculations by the banks showed that THIS type of fraud (credit card fraud resulting from card theft) was LESS serious than the increasingly common mass data theft crimes (Target, Home Depot, etc.). Those crimes are harder to manage, and are the target of the greatest efforts by credit card companies.
|Quoting Lapper (Reply 27):|
Whereas in the US you can sign for your purchase without any ID being checked or the signature being matched to the card...
Maybe. Some people choose to write "ASK FOR ID
" on the signature panel. That works for many.
|Quoting GrahamHill (Reply 33):|
I don't think it's because it was French specifically. I think the US have a problem adopting any technology coming from outside their country!
It's hard when so many of the most important things were invented in the US. *Note: this is a joke. Please don't go bananas.
|Quoting Braniff747SP (Reply 44):|
Chip cards are infinitely more reliable and secure. Europe's been on chip-and-pin for years, and we're doing a half-assed job of catching up with chip-and-sign.
As I said earlier, it's because our priorities may be different. NFC changed the game a little bit. Let's see what it looks like in 10 years.