Community
The planet’s most powerful nation is sure backwards when it comes to the payment card industry: Why has America been using 1970s technology as of the posting date of this article? That magnetic strip on credit and debit cards has GOT to go already! And thank goodness, the transition to chip technology is more imminent than ever.
For those of you out of the loop, the stripe makes it ridiculously easy for cyber thieves to commit all sorts of crimes. (Remember Target?) The chip in most cases will trip them up on this.
Chip-and-PIN technology is better than chip-and-signature. However, the chip-and-signature is taking a much stronger root in America than the PIN version. The signature version’s most obvious drawback is that it’s useless in all the other nations where PIN technology rules.
Additional Problems with Chip ‘n Signature
Benefits of Chip ‘n PIN
Drawbacks of Chip ‘n PIN
Solutions to the Signature Problem
But all that seems a little complicated an unnecessary. We really should just use the Chip and Signature. Or how about we just use Apple Pay!
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Oleksandr Strozhemin Co-founder and CEO at Trinetix
13 August
Elaine Mullan Head of Marketing and Business Development at Corlytics
12 August
Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform
Donica Venter Marketing coordinator at Traderoot
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.