In a previous post I provided information about Chip and PIN which replaces traditional magnetic stripes on credit and debit cards with smartcard technology. If you’ve traveled to Europe you’ve probably seen these new payment terminals. According to the Associated Press, the U.S. is the only developed country that hasn’t made the switch. But last month Visa announced new policies that will give U.S. banks a reason to issue smartcards and stores several reasons to accept them, starting in 2015.
Chip and PIN smartcards can’t be copied and greatly reduce fraud and in the U.S. card fraud costs retailers, banks and consumers billions each year. During NRF 2010 Motorola announced plans to expand their mobile payment solutions to include Chip and PINpayments. Be sure to check out the video to learn more. Are you ready for the shift to Chip and PIN?
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