The chairman of the European Payments Council says many European banks may look at banning less secure mag-stripe credit and debit cards once the transition to the EMV standard, probably by 2011, is complete, the American Banker reports.
“My feeling is, although it has not yet been decided, the [council] will take a decision in 2011, maybe 2010, to only use chip cards,” said Gerard Hartsink during his presentation last week at the Contactless Cards and Payments conference in London.
Were such a move implemented, visitors from countries without EMV cards, such as the U.S. could face problems.
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