What’s in Your Wallet? 1960s Technology Desperate for an Upgrade
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In less than 18 months, security on U.S. credit cards is scheduled to finally exceed the level used in Mongolia and Papua New Guinea.
The plan: The U.S. will abandon using just an archaic magnetic strip technology for security, and put a computer chip in every one of the U.S.’s 1.2 billion credit and debit cards. Oh, and upgrade card readers at the country’s 8 million sales counters.