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by atonse
426 days ago
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I believe you may have it slightly backwards. I think Apple and Google released their implementations when they did exactly because the US credit card companies moved over to EMV (tap and pay) standard. There was a “liability shift” [1] that happened nearly a decade ago after many high profile card database leakage events (target retail stores being one). The shift was that instead of credit card companies always accepting the liability for stolen cards, the policies were changed so that retailers that still used magnetic stripes would have to accept liability (because with magnetic stripes, the same card number is used everywhere). Or they could avoid it by moving to chip and wireless readers, since these protocols used a different virtual card number for every transaction. As card holders, we all started getting our banks sending us new chip and wireless cards before Apple Pay came out. 1: https://squareup.com/us/en/the-bottom-line/operating-your-bu... |
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That's not what EMV is, or, at least, while most tap and pay cards are EMV (besides some 90s oddities in Europe), EMV long predates tap and pay (it's from the 1980s).
Most US cards were EMV (chip and sig, usually, not chip and pin), _long_ before Apple/Google Pay came out, but usually did not support tap to pay, which is a separate standard also falling under EMV (the terminology is kinda unhelpful).