[timrogers]

This product is overly restricting it's market, I feel, since in Europe EMV (or "chip and PIN" as it's known in the UK) is ubiquitous. Payments worldwide are moving over to this system from magnetic strip cards, so I fear that this (useful) product has been invented too late once the tech it relies on is already speedily in decline!

I imagine, due to how the cryptography works, it might not be as simple to create a product like this for chipped cards.

[bnycum]

In the US the chip and pin is hardly used. None of mine or my wife's cards even have them. I can't say that I've even seen a card with a chip in it that wasn't in a commercial. The readers are nowhere near common here either, not even in major stores. We've still got a LONG ways to go on that front.

[evck]

It appears that they plan to do EMV in the future. This is rather scary, since you're trusting their hardware, and probably your phone, with the private key in your chip card.

[PeterisP]

As far as I know, EMV has no way for the user (or bank's employees, for that matter) to get that private key out of the chip card; if it was possible then the whole concept would be pretty much useless and allow easy cloning of those cards just like the old magstripes.

The system doesn't allow to "trust other hardware", the card itself has to sign every transaction.