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Shift To Chip Cards A Boon For Banks More Than Retailers

Law360, New York (September 30, 2015, 9:11 PM EDT) -- The U.S. payments market is set to join the rest of the world Thursday when an industry-backed transition to chip-secured credit cards takes hold, a move that has banks looking forward to a drop in fraud but retailers upset about the price tag and a shift in liability for security breaches.

Canada, Mexico, Brazil and many European and Asian countries have utilized similar microchip technology, referred to as "chip and PIN," for years. (Credit: AP) While banks and other credit card issuers expect the amount of...
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