Re:Home Depot Files Antitrust Lawsuit Against Visa, MasterCard
by bogomipz on Saturday June 18, 2016 @09:07AM
(#11928427)
I took impute the US credit card agency's taking forever to deliver the US a safer card alternative like Europe's "chip and pin(EMV)" system to just plain laziness and a lack of desire to invest.
I believe Europe has had this chip and pin technology for something like 20 years so we just finally upgraded to 20 year old technology.
For some reason the credit card cabal decided that after all this time that instead giving the US "the chip and pin which would be compatible with the EU system they gave us "chip and pin" which incidentally takes much longer to process a card, and I am almost never asked to actually sing my transaction. You have to ask WTF on all this?
The rational I hear about why the US went with "chip and sign" rather than "chip and pin" is that they feared that US card holders if they have to memorize pin numbers they would likely stop using there other credit cards(lots of people in the US have 3 or 4) and just use the single one they decided to memorize. Memorizing pins was at odd with encouraging maximal credit card use.
I believe Europe has had this chip and pin technology for something like 20 years so we just finally upgraded to 20 year old technology.
For some reason the credit card cabal decided that after all this time that instead giving the US "the chip and pin which would be compatible with the EU system they gave us "chip and pin" which incidentally takes much longer to process a card, and I am almost never asked to actually sing my transaction. You have to ask WTF on all this?
The rational I hear about why the US went with "chip and sign" rather than "chip and pin" is that they feared that US card holders if they have to memorize pin numbers they would likely stop using there other credit cards(lots of people in the US have 3 or 4) and just use the single one they decided to memorize. Memorizing pins was at odd with encouraging maximal credit card use.