4 ms·
There is very little direct benefit to US consumers from chip cards. Sure, it will reduce fraud, but from a consumers point of view it doesn't matter. By federa
by tyoma 11y ago
There is very little direct benefit to US consumers from chip cards. Sure, it will reduce fraud, but from a consumers point of view it doesn't matter. By federal law, unless the bank can prove negligence, they have to refund your money. In practice they take your word for it over the phone, and overnight you a new credit card.
There is a small chance retailers and banks will pass on fraud savings via lower prices, but it will be hard to notice a 2-3% price decrease.
It is very easy to notice waiting 5 more minutes for youe morning coffee since each transaction takes 30s instead of the old 3-5s, though.
- mahyarm 11y agoIt matters because it should reduce the costs of everything by %1.
- onion2k 11y agoThere is very little direct benefit to US consumers from chip cards. A reduction in fraud will make running a successful retail business easier, creating more jobs, offering more choice, and leading to more retail entrepreneurs doing what they want to be doing. The knock on effect is that people get to live in a better society with less crime. I think that's quite a significant impact.
- mike_hearn 11y agoBear in mind that the rest of the world is already moving on from actually inserting the chip card into the reader. Contactless transactions can happen in around 400 milliseconds and even regular insert card+type PIN payments often don't take 30 seconds.