Where’s Our Chip Cards America?
Did you know that American money cards are useless at many retailers in Europe because they are just pieces of plastic and not pieces of plastic with a chip embedded in them? FOR EXAMPLE, in London and Paris, you can’t rent public bikes because they require a chip and a pin! And we don’t have chips and pins! It’s annoying!
So why don’t we have them? Cost. (Of course.)
From Bankrate: “The cost to produce and distribute a card to a customer is under $2. The cost to make and distribute a chip card to a customer is between $15 and $20.”
Heidi Moore and friends discuss.