Just checked my wallet. Have 8 Credit and or Debit cards in my wallet, and a couple more I don't carry around. Two businesses, each with at least one CC and debit card, the museum card, personal accounts, joint accounts. Have never had any problem.
We have a chip CC reader at DECOPOLIS and a lot of people don't even know what it is. Remember when I was in the UK for a while last year, some places had a hard time using my old magnetic swipe cards for it seems nobody uses them there anymore but use the chip technology and the shops would always ask me "Isn't that unsafe to use those?" like I was from some backwater, third world country.
We are supposed to be getting "Coin" here soon. Saw them at market a while back and decided to give it a try. Essentially you put all your CC'ds on one card, yaaaaay! That will be so much easier than hauling around 8 or so cards all the time. But not sure whether they will have chip technology or just the swipe.
We support hundreds of retailers across the US and Canada. We implement the Genius platform with our POS systems because it offers our clients the widest array of payment options, and the retailers get the flexibility to create their own loyalty and gift offerings.
By the end of 2015 the typical plastic credit card will no longer be compliant with Chip & Pin requirements, so I expect we will see the vast majority of people either turning to a NFC payment option like Google Wallet or ApplePay. All of our systems already accept the new payment methods.
[youtube]http://www.youtube.com/watch?v=9Z_G4UY3thg#t=25[/youtube]
We've done some research on Coin, but there are a few issues that have kept it's release pushed back, and now look like they will prevent it from actually becoming a marketable product.
One of the new Chip & Pin requirements (that we already know of), is the requirement to enter a pin# for every transaction. Currently, the only way Coin has to support this is by wireless connection to your smartphone. If the consumer has to open an app on her/his smartphone to use Coin, why not just use Google Wallet, PayPal, ApplePay or one of a growing number of other NFC payment apps that does not require an additional piece of hardware? The other option Coin has is to put an encrypted keypad on the card itself.
Because Coin (and another system called "Plastic") is currently designed to store and magnetically transmit multiple account information, it will have to do so in an encrypted manner, meaning that retailers will not just be able to simply accept a Coin card like a credit card. There will be at least firmware upgrade necessary (and for some on older systems, a hardware upgrade) to read this type of card.
For the majority of our hardware suppliers, the magnetic strip reader is not expected to be a part of future hardware, except for the purpose of reading gift/loyalty/membership cards. While we don't have all of the details on the new Chip & Pin requirements yet, we do know that the storage of unencrypted credit card information on a magnetic strip will likely end, if not in 2015, most certainly within the next couple of years.
Unfortunately for Coin, I think they were too late to the party, and simply don't have a piece of hardware flexible enough to compete with apps that don't require any other hardware. If they are able to bring a product to market (and we know that they are still taking pre-orders to do so) they will need to do it FAST, because it will be obsolete within a year or two.
It's just too early to know what will meet compliance for Chip & Pin, but I have a conference in March where we hope to get some additional details.
