[gruez]

If we're comparing smartphone vs bank cards, it's only fair to presume that the bank cards are equipped with EMV, because magstripe terminals won't be able to accept smartphone either. In that case, I fail to see any security advantage over smartphones.

[joshuamorton]

Magstripe terminals can accept smartphone generated pins with a software update, you just enter the (OTP) pin manually.

I've seen this used at Wells Fargo ATMs.