Why do US banks not use chip and pin?

02 September 2012

Question

Why do US banks not use chip and pin?

Answer

Steven - So, US banks currently don't use chip cards, but they are increasingly doing so. The main reason they are not or up until recently is not a technical reason, but economic. The US banks make more money when a customer signs for transaction, rather than enters in a PIN and it got so ridiculous that a US bank, which was also had UK branches was saying to their UK customers, use the PIN its safer and telling their US customers pen not PIN, signature is safer.

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