If you’ve received a shiny new chip-enabled card from your bank or credit card company in recent months, then you’ve probably been through this at least once. You see that a store has the slot for your card, so you assume that the store actually accepts them. Silly shopper! The terminal tells you to swipe the magnetic stripe instead. [More]
When Netflix announced its quarterly results this week, they had an explanation for why their new subscriber number fell short of their projections. The shift to smart-chip (or EMV) payment cards means that the service lost some subscribers while customers received new card numbers and forgot to change them over. That’s a good story, but people in the banking business have some issues with it. [More]
We could start to see “smart cards” — credit cards embedded with a PIN-encoded chip instead of just a magnetic strip — take hold in America next year due to a big move by Visa. They are offering some very enticing financial incentives to stores to get them to install point of sale terminals that can read smart cards.