This is just reenabling existing technology. Card chip already has everything required to verify the card and PIN[0], the only thing internet access is required

This is just reenabling existing technology. Card chip already has everything required to verify the card and PIN[0], the only thing internet access is required is checking if account is not empty/over limit. [0] That also means that after changing PIN on bank site, you have to visit ATM, so new PIN is actually stored on card - but that it only required for that offline mode.