http://en.wikipedia.org/wiki/Chip_and_PIN
> There are plenty of people here who know plenty about cryptography, payments and getting service usage
I've explained this to you before: not all of the people who read my blog are engineers.
> Note: here's all you have to tell us related to cryptography: the service is as secure as a mag-stripe.
Apparently I have to explain more than that because that makes no sense whatsoever.
Hm, if it quacks like a troll...
Hardly a troll.
You're moving the goal posts. You asked me to describe the user experience. It would be like chip-and-pin.
> Fraud is essentially a non-issue in card-present situations.
That is not true. If it were, they would not ask you to enter your billing zip at gas pumps. (Yes, I know they don't do this everywhere, but it is a very common practice precisely because card-present fraud is a significant problem in some areas.)
> Hardly a troll.
We'll see.
The user experience would be similar, yes.
> doesn't require new pos hardware
There are lots of ways it could be deployed. Some would require new POS hardware, others don't. But unlike chip-and-pin it wouldn't have to be custom hardware. It could be a smart phone or a tablet.
Compare: Electronic interference is essentially a non issue on aircraft... That is not true. If it were, they would not ask you to turn off your Kindle at takeoff.
Just because an industry does something doesn't mean it isn't cargo culting.