Chip Cards – The Good, The Bad, The Ugly

Background

EMV-chipcardpicProfessionally, I’ve only been involved in the Payments industry peripherally. However, as any industry observer would note this industry has changed drastically over the last decade or so. This stands to reason of course as all things digital have evolved. Once upon a time, a merchant would pass a variety of checks, get themselves a merchant account and could then take credit cards as payment methods. Varying rules applied – and still do – for those at retail, (card present transactions), and those taking payments remotely, (card not present transactions), be they Internet, Mail Order, Phone, or whatever. On the Consumer side, things have always been easier. Unless your credit rating is wholly in the dumper, just about everyone wants to get their plastic in your hands. (Or more recently get you signed up for some form of digital wallet payment using traditional banking systems as a back end. And then there’s the nascent adoption curve of Bitcoin.) [Read more…]