Has there been any info on how to get accepted into the Samsung Pay beta trial that's going to start on August 25th in the US?
We may not even get the actual released feature on Verizon and you guys are worried about getting a working beta? Dream big!
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Many companies are adding chips to the card, as it is more secure. They're keeping the magnetic strips in the meantime, as not all retailers have the chip readers yet.This is talking about gas stations, when you push your card into the machine at the pump to pre-pay before you fill.
Not at the register where you 'swipe' your card.
Many companies are adding chips to the card, as it is more secure. They're keeping the magnetic strips in the meantime, as not all retailers have the chip readers yet.
On Walmart's readers, you can either swipe down the right side to read the magnetic strip, or you can insert your card into the bottom of the reader, much like at an atm or gas pump, but it reads the chip instead of the strip.
So basically, these cards are no longer "swipe-able" everywhere.
Retailers will be required to upgrade to EFV (I think that's the right acronym, but it's chip readers) by Oct 1st. Any retailer that doesn't will be held liable for credit card fraud processed on their machines.
The chip reader thing is being pushed by credit card companies in order to combat credit card fraud, and to move the liability of CC fraud on to merchants and holders vice the actual banks. Or at least that is what my bank has said in their website.
Samsung Pay is supposed to work with magstrip and EFV readers. The limitation of gas pumps is the switch in the back of the reader that activates the mag strip reader.
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It's the banks that are required to be chip compliant by oct 1st, retailers probably not so much.(i'll edit to include a link after, this will be my 10th post so I can post links)
http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php
However, once everyone goes to chip, samsung pay is no longer useful as google wallet serves the exact same purpose once everyone can take NFC. So samsung may have a useless piece of hardware :|
This is what happened to me at Walmart with my new Cabela's card... it wouldnt let me swipe it.I watched a lady at target who swiped her credit card and was told it would work because it had a chip, and had to insert the chip into the reader.