[schoen]

> Given the shift to chip-and-PIN, which can't be emulated like this -- Plastc claimed they could but never demonstrated it (because it's impossible)

If they'd had a whole lot of market share already, maybe they could have persuaded issuers to provide private keys in some way that could be imported into the Plastc device (which might itself then have a tamper-resistant smartcard processor like the one in the individual chip cards).

[abalone]

Horrible security and wouldn't work for the most secure chip and PIN cards which never share their private key. Apple Pay's approach is better: issuer assigns a unique number to the device along with its own authentication scheme, rather than trying to emulate another.