25 Nov '12, 12pm

Competitive analysis of Bitcoin vs Square, SumUp, iZettle, Payleven #bitcoin

iZettle and SumUp claim to be EMV compliant and to use the chips in cards. At first this sounds right, the readers are much bigger and you insert your card into them as you would with a regular reader. But in fact they don't do EMV properly. If you dig in, you'll find that these systems expected users to authenticate transactions with signatures drawn on the screen using their finger, not by typing in their PIN numbers. Both services tell their users to check that the signature matches that on the card manually. The EMV standard allows for fallbacks to signature authentication. It's designed for rare cases where the chip or reader has broken. Merchants that seem to systematically be doing signature authentications get flagged and told to fix their readers, users whose cards are systematically failing get given new ones. By deliberately and systematically using signature ve...

Full article: https://bitcointalk.org/index.php?topic=127671


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