Chip cards replace cards for payments

A big move this week as banks begin to move all cards to chip technology. “To the extent it cuts down on fraud its probably a win for everyone ” said Michael Simkovsky of Seton Hall University.  Merchants will now have to have new hardware that accepts the cards. Gone is the old swipe.  Merchants are saying this creates a longer transaction time. ACcording to Doug JOhnson of the American Bankers Association 70 percent of credit cards will be chip enabled by. years end. Cost is one factor that is preventing small retailers from making the switch..Costs of new readers range from 500 to 600 dollars each. years end.   The change comes as card fraud has more than doubled in the last 15 years.  Source Associated Press

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