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Credit Card Chip Technology: It’s Going to Take Awhile

Posted by wpadmin | Posted in Business and Corporations, Financial Advisement, Personal Finance, Taxes | Posted on 08-02-2016

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As seen here, the expectation is people may be wary about the whole credit card switch thing from magnetized strip to tiny computer chip (especially with credit card fraud always being a problem) despite these three reasons why we shouldn’t be scared. We’re protective over our plastic! However, fear not: this isn’t a change that’s going to happen overnight, even though the two major credit card companies, Visa and MasterCard, recently announced back in October that all consumers will be receiving new cards with credit card chip technology enhancements.

The Big Issue Is Functionality, Really: Not That Credit Card Chip Technology’s Unreliable!credit card chip technology-1

In fact, many foreign countries utilize the EMV standard over the magnetic strip with astounding protective results. ID theft and credit card fraud become extinct dinosaurs in this ever-evolving landscape of finance and technology, but would you like to know specifically why this transition from magnetic strip to credit card chip technology is going to take a long time? Click here.

Additionally, it’s not like we and credit card companies will be the only ones facing the change. Retailers will face it, too. Think about all those grocery lines needing new installments of those specialized credit card readers. You’ve imagined the clerk hopelessly throwing away that manual card swiper all those generations ago. We’re at it again, people. Those automatic card swiping machines will also go extinct.

But the change will have to be gradual once you see the gravity of how much businesses all over the nation will have to transition and accommodate the new credit card chip technology. Want to know how many merchants out there are ready for the change (and when everyone will be completely operational)? Find out right here.

Needless to Say, It’s a Tricky Situation

But the good news is you don’t have to stress right now. In fact, you might not even notice the transition as its happening. We don’t want the consumer base to be stressed! No one does. We’re not in charge of it, of course, but the fact remains — if financial establishments are starting to make it difficult for our customers wanting to simply file their taxes, or plan their budgets, we’re not happy.

So it’s our duty to inform you ahead of time. It’s our pleasure. Sign up today and let’s get to work on your finances right now before more dinosaurs go extinct.

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