Swiping a credit card has become a thing of the past. It is much more common to see people insert their card. Despite the fact that the chips are designed to make shopping more secure, many people do not like the chip. Christina Ibanez is one of the many people who hates credit cards with chips. She stated that it often takes 20 to 30 seconds to process a transaction.
The reason that chip transactions take longer to process is because they are supposed to be harder to counterfeit. However, Neil Abramasom has stated that America is still a step behind many countries when it comes to credit card security. Many other countries require that people use a four-digit pin when they are making a credit card purchase. In most cases, Americans only have to sign for credit card purchases.
Neil stated that if someone takes your wallet, then they can go on a shopping spree. Many credit card companies stated that they do not plan to require a pin for purchases in the near future. The Americans Banker Association stated that the chip is not what makes the credit card secure. The signature is what secures your purchases.
Target was affected by a data breach in 2013. It stated that a four-digit pin does make purchases more secure. Target now requires people who use a Target credit card to use a pin. Neil stated that if the chip was what really secured the card, then you would not need a pin number to withdraw funds from an ATM.
The cost is one of the things that stops businesses from requiring a pin number. The merchant has to pay a percentage to the bank for every transaction that is made. Many companies are trying to implement a tap and pay system. All one will have to do is wave their card at the checkout.