Digital

U.S. Credit Card Readers Will Catch Up With the Rest of the World in 2015

Excerpt from Wall Street Journal

Feb 07, 2014 10:30 am

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The Chip + PIN method of payment in Europe and Asia has caused stress for travelers for years now, so its good to see the U.S. finally catching up with the rest of the world.

— Jason Clampet

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Jason Reed  / Reuters

Visa credit cards are displayed in Washington. Jason Reed / Reuters


It’s a payment ritual as familiar as handing over a $20 bill, and it’s soon to go extinct: prepare to say farewell to the swipe-and-sign of a credit card transaction.

Beginning later next year, you will stop signing those credit card receipts. Instead, you will insert your card into a slot and enter a PIN number, just like people do in much of the rest of the world. The U.S. is the last major market to still use the old-fashioned signature system, and it’s a big reason why almost half the world’s credit card fraud happens in America, despite the country being home to about a quarter of all credit card transactions.

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