Just about a year from now, retail merchants who currently accept only magnetic stripe payment cards will have to start accepting chip-based smart cards as well. If they don’t, they become liable for any fraud that results from them not being able to accept the chip cards.
The name for the new card standard is EMV — Europay, MasterCard and Visa — named after the companies who first initiated the technology. The US is the last major country in the world to switch over.
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