The upgrade will be a choice, not a forceful one. These bankers say it as if it's a forced change that everyone has to change all at one at a cost of 6.75b. You always hear that argument but not one single explanation that for those retailers that don't want to, they can continue to use the mag-stripe on the back. Why? Is it because they're just plain stupid or are they trying to hide the fact that they don't want to go out all alone for a problem that they've let it build due to their incompetance?

It's the same as no one is FORCED to upgrade to Windows 7. Did Microsoft FORCE you to upgrade to Windows 7? Did Microsoft stick a gun to the consumer's head to say "everyone needs to upgrade to Windows 7 for better security and web surfing?" No. Sure they'll tout it as the next best thing since sliced bread, but consumers of Microsoft are well aware that even if Windows 7 comes out, they don't have to line up at BestBuy that day to get their hands on it. The consumers and businesses make that choice. They'll upgrade when they see fit. Some people want the latest one so they'll get it when it comes out. Others see their 98/Me/2000/XP/Vista to be just as fine and upgrade it later or when their computer reaches the end of life; still the same, still can web-surf, still can open documents and spreadsheets. But sooner or later many will move on when their old swipe and sign terminals breaksdown due to wear and tear or manufacturers of those terminals have stopped making them and it has become more expensive to repair than to replace.

But at least Microsoft gives us the option to upgrade or not. That's the key thing that I have the frustration with. We have no option here in the US even if we want one. Nada, zilch, zero. Not one single major US bank offers such a card for those who want one. Heck, I've been saying it again, I'd be willing to pay for the card if it exists. But none.

Yes, you've said that many times. No one will take you up on it.

:shrug:

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Two separate propositions have become conflated in this discussion.

The cost estimates refer to converting USA card processing systems to Chip & PIN. I do not personally believe that implementation cost is the primary obstacle, but my opinion is unimportant. There is some pressure in that direction from some large US retailers:

http://www.banktech.com/blog/archive...ers_to_ba.html


The separate issue is why no USA banks issue CHIP & Pin cards for international travelers. It appears this will start with Corporate accounts and trickle down to small business and consumer accounts. I think the cost per account to offer this will remain high if the USA does not broadly adopt Chip & PIN, and this cost will be passed through to cardholders.

I would expect American Express to be first because they already have the technology and they have full control of their own transaction processing network, but it appears JP Morgan Chase may beat them:

http://www.paymentsnews.com/2009/10/...travelers.html

Unfortunately, that looks like a misunderstanding. The "International Dollar Card" is the oppsite: for non-US cardholders to do transactions in USD. Read this for the nugget:

Thank you. It sounds as if JP Morgan's International Dollar Card may be substantially similar to the American Express IDC products.

I read the original article to mean that JP Morgan would make these cards available to employees of US corporations who were stationed (or frequently travelers) outside North America. I didn't see any indication that JPMC intended to issue them to consumers or small businesses anywhere.

American Express IDC website now shows graphics with chipped cards. This is probably inadvertent mixing of artwork with the UK site, but when I asked I was told that Chip & PIN IDC would be available later in 2010. I'd like to believe it, but I'm skeptical.

There's an alternate solution, dunno if it would cost less:

If the credit card issuer has a division/partner/whatever overseas that already issues chip&pin cards there, then the alternate way would be for the credit card issuer to have that overseas division/partner/whatever issue the chip & pin card, but make it billable to you in the US.

One way to do that: All charges made using account xxxx xxxx xxxx 1234 (the European card) are actually posted to account xxxx xxxx xxxx 5678 (from a US bank).

Cross-charging already happens, for example, in some cases where one card is cancelled and replaced with another, but charges authorized prior to the cancellation are allowed and are posted to the new card. Of course, in that case, both accounts are in the same country. But to the lay person, it seems it's at least halfway there already...

Out of curiosity, how well are JCB cards accepted in Europe? Maybe it's just a case of bad clip-art, but it looks like JCB USA has a pin and chip card available for residents of California, Conneticut, Hawaii, Illinois, Nevada, New Jersey, New York, Oregon and Washington.

Nice find ^ . Unfortunately, Florida is not on the list of approved domiciles.

That is an interesting find! I just shot off an email to JCB Customer Service asking to confirm the presence of a Chip. I'll report back on that.

Unfortunately, your hunch regarding "bad clip-art" may be a good one -- using TinEye, that exact image shows up on quite a few Japanese websites. It just might be a case of sloppy web design (grab whatever and post!).

A figure of thought but would it’d be for much easier for US citizens who travel abroad often (and naturally already have US Passports) to open a small bank account in Canada which has already moved to EMV cards?

Supposedly many Canadian banks offer non-residential accounts which can be setup by non-Canadian residents, though the primary drawback is that you need to come in person to a bank in Canada to open one. However those for those who live near Canada (Seattle::Vancouver, Detroit::Windsor, Upstate NY::Montreal) or for those who often go to Canada (AS often offers LAX-YVR fares as low as $79 one-way; LCC WestJet also has very good fares between US-Canada) this could be one method to think about.

There’s no huge account balance to maintain like offshore accounts, a simple cheque or savings account can be opened with as little as $300 with few or no maintenance fees similar to US banks. And on the bright side you get an ATM/debit card with an EMV chip on them. Plus if you open a bank account with Scotiabank, you can withdraw money at any Bank of America ATM with no fees as they are both under the same global ATM alliance.

The idea would be to create a Canadian bank account and use it as a form of secured international traveler’s debit card for use abroad:

1. Visit Canada for the weekend. If you live in Seattle, a weekend trip to Whistler to snowboard or some sort. Heck go buy some maple syrup or maple cookies while your at it, make it a vacation.

2. While there, and if you have a BofA ATM card, use that to withdraw 300 CAD from a Scotiabank ATM. No fee for doing so as BofA and Scotiabank are the same global ATM alliance.

3. Open a non-residential Scotiabank account with that 300 CAD you just withdrew from your BofA account.

4. Keep maintaining the minimum balance of CAD 300.

5. When you need go abroad, top off your Scotiabank account with whatever amount you need via wire-transfer from your US bank.

6. Use the EMV chipped Scotiabank ATM card abroad with Chip & PIN for those smaller items like unstaffed train tickets or gas stations.

7. As an added benefit, since Scotiabank is a member of the global ATM alliance, you can also use that ATM card to withdraw cash at Barclays ATMs in the UK, BNP Paribas in France, and Deutsche Bank in Germany without being dinged with international ATM access fees.

7. When you get back to the States, use your Scotiabank card at any BofA ATM to withdraw whatever you didn’t use (less the CAD 300 minimum) and put it back into your US bank account. You won't get dinged because again, Scotiabank and BofA are within the same global ATM alliance.

This just in:

At least they understood what you were talking about! Most of the customer service reps of other US financial institutions don't even know what a Chip and PIN is.

That seems a lot harder and more expensive than opening an offshore account.
Please list the details here; Canada bank laws are similar to the US in this regard; sample Customer Service feedback (from Scotiabank, today) looks like this:

Well it looks like AMEX is seriously looking at EMV; they're looking for an EMV product manager:

http://jobs.americanexpress.com/job/...er-Job/855427/