Electracity writes:
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... The chip works all the time (unlike the magnetic strip) and has added security features.
Those "added security features" will represent a challenge to hi-tech criminals everywhere. Let's see how long it takes some Chinese or Indian 'techie' to figure out those added security features and produce their own counterfeit 'smart cards.'
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... From what I understand, the "chip" is a French invention (i'm not sure of the company) and has proprietary status. As a result they are still expensive for companies to use, but soon all companies will change to the chip. ...
I don't think that's an imminent threat; but you may soon be able to purchase 'smart cards' with a fixed amount of credit on them (like the Telefonica phone cards) that may be used in places like your Paris Restaurant.