Episode 16 • • 43:50 - 46:55
16: Start Using Canteens
Smart Card Technology, US vs European Payment Systems
The adoption of smart card technology with embedded chips has been significantly slower in the United States compared to Europe. While European restaurants use handheld wireless devices for instant chip-and-pin transactions, American systems still rely heavily on magnetic stripe swipes. Speculation suggests that French-held patents on the technology may be a factor in the delayed implementation by American financial institutions.