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I a normal situation I would not recommend STiP for debit cards, but with this kind of a situation things are different. Of course the STiP should have a suitable daily limit, enough for daily use but not more.

Their first priority should be to implement a stand-in system that will take over when the main system fails. This will alleviate the ATM and POS difficulties.

This would be something you have rather than someting you know, or did I get it wrong? If someone steals my phone would he have access to my log-ins?

I am not a lawyer, but I do not understand what is non-obvious in these patents? Wouldn't any programmer or designer faced with the same task come up with the same or similar solution? I mean, where is the invention?

On the other hand, I have seen all too often what may happen when one replaces a legacy system with a new, all singing, all dancing, buzzword compliant, modern system. These old systems have buried in them a vast amount of undocumented rules, regulations and practices. Replacement is both expensive and risky.

It would be nice to have some specifics concerning contactless, e.g. how does one prevent a legitimate merchant randomly charging passers-by with the help of a powerfull antenna and a modified terminal?

EMV does not say the card should not have a magnetic stripe. On the contrary, it supports a gradual transition.

Sensing the magnetic stripe to open the shutter does not mean actually using it for the transaction.

Fallback is up to the banks, and most do not allow it, especially for ATMs.

Chip only cards may be valid nationally, but for international use a valid magnetic stripe is specified and often needed.

Most ATMs need the magnetic stripe to open the shutter and to indicate the presence of the chip. Once the ATM gets the card inside, if the magnetic stripe indicates a chip, the ATM uses the chip.

Id so, what is the point of PCI? Its main thrust is to protect the magstripe data.

The main problem is that the USA and other countries have not accepted EMV, and they cannot be ignored so easily.

Isn't is similar to this: news.bbc.co.uk/2/hi/asia-pacific/1418165.stm