Re:Coin
by mcv on Friday November 15, 2013 @06:36AM
(#6738882)
Transaction limits are absolutely an important factor in limiting these kind of risks.
In Netherland, there's also one electronic payment system that does not require a PIN: the "chip knip" (chip wallet). You explicitly transfer an amount of money from your account to the chip (often about $20), and you can use that to pay. You still need to approve the payment by pressing a button on the machine, but if you lose it, you don't lose a lot.
And it probably works without a phone/internet connection, because the money is right there on the card and nothing needs to be verified on any server.
In Netherland, there's also one electronic payment system that does not require a PIN: the "chip knip" (chip wallet). You explicitly transfer an amount of money from your account to the chip (often about $20), and you can use that to pay. You still need to approve the payment by pressing a button on the machine, but if you lose it, you don't lose a lot.
And it probably works without a phone/internet connection, because the money is right there on the card and nothing needs to be verified on any server.