Re:Plastc Card
by Nursie on Wednesday October 08, 2014 @11:57AM
(#8427578)
The way I can see this supporting Chip and PIN is if they find a way to act as an intermediate processor -
The chip contains an application for Plastc, this is (like Amex) always acquired by Plastc (and will probably then only be allowed at participating retailers). Part of the Issuer Private Data sent in the transaction is which one of your pre-registered accounts you wish to use. That account is then charged in the background. It would work a bit like a physical Paypal.
Because unless something major has changed, I can't see banks being keen to hand over private keys to third parties.
The chip contains an application for Plastc, this is (like Amex) always acquired by Plastc (and will probably then only be allowed at participating retailers). Part of the Issuer Private Data sent in the transaction is which one of your pre-registered accounts you wish to use. That account is then charged in the background. It would work a bit like a physical Paypal.
Because unless something major has changed, I can't see banks being keen to hand over private keys to third parties.