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Originally Posted by tmiw
(Post 26206022)
Plastc delayed shipping again: https://www.reddit.com/r/Plastc/comm...eptember_2016/
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Originally Posted by patrick.barnes
(Post 26209432)
It's unfortunate but I think EMV pretty much killed all these devices.
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Originally Posted by tmiw
(Post 26213459)
Interestingly, some UK company is getting into the game now: https://www.imaginecurve.com/. They may have better luck than the US based ones but we'll see.
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Instead of having 3rd party do it, I wish the banks tried to do it. It would be dope to carry one chase card that contains all my chase card. Similar with citi, amex, etc.
That would probably be an easier, reliable, and safer option. |
Originally Posted by patrick.barnes
(Post 26209432)
It's unfortunate but I think EMV pretty much killed all these devices.
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Originally Posted by AllieKat
(Post 26215434)
There's nothing unfortunate about an anti-counterfeiting measure preventing mass-market counterfeiting devices from functioning...
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Originally Posted by patrick.barnes
(Post 26216182)
Oh, I agree. Just unfortunate for these companies and their investors. Not sure how they didn't see it coming, though.
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Originally Posted by AllieKat
(Post 26217604)
I'm sure they did, they just wanted the hype, some quick cash for the founders, and maybe a bit of hope EMV would fail in the US market (which it kinda is but 90% acceptance isn't good enough for a device like this)
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Originally Posted by AllieKat
(Post 26217604)
I'm sure they did, they just wanted the hype, some quick cash for the founders, and maybe a bit of hope EMV would fail in the US market (which it kinda is but 90% acceptance isn't good enough for a device like this)
Walgreens and Nordstrom in SF are enforcing service codes as of the last 2 weeks. It's getting there... |
Originally Posted by patrick.barnes
(Post 26218468)
Most major retailers are enforcing service codes so I'm not sure it's a failure.
Walgreens and Nordstrom in SF are enforcing service codes as of the last 2 weeks. It's getting there... |
Originally Posted by patrick.barnes
(Post 26218468)
Most major retailers are enforcing service codes so I'm not sure it's a failure.
Walgreens and Nordstrom in SF are enforcing service codes as of the last 2 weeks. It's getting there... The failure is to reach a point that reduces fraud. 50% won't meaningfully reduce fraud (if the US even reaches that), especially with merchants not thinking twice about running fallback transactions and banks authorising them. To reduce fraud, you have to reach a place where it's difficult to use a counterfeit card. The US isn't there yet, and I personally doubt it will be for years. All the US liability shift is going to do for the foreseeable future is shift fraud from big chains to small businesses. |
Originally Posted by AllieKat
(Post 26219454)
Walgreens has been for months. If they don't enforce the service code, they don't get the liability protection.
The failure is to reach a point that reduces fraud. 50% won't meaningfully reduce fraud (if the US even reaches that), especially with merchants not thinking twice about running fallback transactions and banks authorising them. To reduce fraud, you have to reach a place where it's difficult to use a counterfeit card. The US isn't there yet, and I personally doubt it will be for years. All the US liability shift is going to do for the foreseeable future is shift fraud from big chains to small businesses. |
Just got this email. I guess this means anyone who didn't already cancel their preorder just lost their money?
All their social media channels are shut down, too. We Regret to Inform You... For the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. After making enormous leaps in development, product innovation and progress towards our goal, Plastc has exhausted all of its options to raise the money it needs to continue. Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017. While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, without the necessary capital to continue, all employees have been let go, which means that Customer Care and Social Media channels are unmanned or have been shut down. How We Got Here: We were expecting to close a $3.5 million Series A funding round on February 28, 2017. There are functioning Plastc Cards, which were demonstrated to our investors and our backers, and the capital was to be allocated for the mass production and shipping of Plastc Cards to pre-order customers. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart. After the initial funding was unavailable, Plastc made progress with another investor who offered $6.75 million. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase. However, once again at the very last minute, our investor gave us notice that they have decided rescind their investment offer. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production. What This Means For Backers: It’s been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders. We are disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality. - Plastc Inc. |
Originally Posted by gooselee
(Post 28206958)
Just got this email. I guess this means anyone who didn't already cancel their preorder just lost their money?
All their social media channels are shut down, too. |
Originally Posted by tmiw
(Post 28207026)
I honestly had doubts that the chip portion of their card would ever become usable. That's likely a big reason why those investors pulled out.
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