I’ve worked in European banking and discussed this issue with security ppl on both sides of the Atlantic. Comes down to these two things in my experience:
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Replying to @johnwilander @thijsniks
1. The US market is geared toward convenience and the European one toward low/no fees. To have low fees you have to reduce fraud whereas you can offer more convenience if you’re able to make up for the fraud through higher fees.
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Replying to @johnwilander @thijsniks
2. The US has been a huge single currency market for a long time and has more inertia. This is why the US “skipped” chip and pin and lived with rampant fraud tied to swipe and sign. Now USA is going straight to contactless. Online still has a lot of manual CC forms though.
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Replying to @johnwilander
There is definitely no economy or regulatory incentive to reduce fraud, but I don’t quite understand why having a large and old market is a problem. The EU is larger and fixed it in a shorter amount of time. Contactless won’t solve it either…
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Replying to @thijsniks
The why it was explained to me by Americans was "We pioneered the credit card and the magstripe, and once we have something working, we stick to it. It takes an enormous force for us to change the whole country's payment system."
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Replying to @johnwilander @thijsniks
The EU is much younger and doesn't have a single currency system (yet). Americans expect to be able to go to any state and pay for things just like at home. The EU is much more diverse in payments. Europe even more so.
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Replying to @johnwilander
True, but paying throughout the EU is also something that just works now (since PSD1)
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Replying to @thijsniks
I won't get far if I bring my Swedish Krona to Germany.
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Replying to @johnwilander
Bills won't help you but cards work fine (and securely!)
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Replying to @thijsniks
Chip and pin has had its own set of problems.
Some of the most fascinating security research I've seen (the Cambridge group). Tokenized and contactless payments are the future IMO.1 reply 0 retweets 0 likes
Not perfect for sure, but it works damn well!
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