Like this shit didn’t just happen over night here in the USA, it took decades and is still not the standard like in Europe. We are pathetic about security
@@seanyoch2879 For French card it was the norm. I have never see someone use the magnetic band As it's often the case, since we adopted the technology later, we imposed a more modern standard since it did not have to replace another one already well installed.
You have the NFC portion missing the coolest part of the technology. The card uses induction to charge and power the chip and the chip getting the electricity powers up and THEN it will send it's signal through radio waves specifically 13.56 MHz. I don't normally correct people but with this I just thought how cool it was to know they power up through induction so I had to share it with the class. Amazing video though.
@@EverythingButTheCode no problem. Let me know if you ever need anyone to help you out in regards to consulting on tech, coding, hardware & Robotics, basic physician (in progress)
i work in the payment tech industry and the way you broke it down was top notch. thank you for the concise presentation. earned a new subscriber and hope this channel blows up !
Just about every business in our area has a insert style chip reader but there are less than 5 within 15 miles of my house that take tap to pay which really sucks. Tap to pay really isn’t popular a,one businesses it seems
You have a real talent for this. Every question I had was answered like 30 seconds later, keep it up, with the graphics and your great presentation skills (no um's or uh's, good speaking speed etc) this channel is explode in like a year with regular uploads!
Prior to 1985 there was no magnetic stripe. It was an imprint from the embossed numbers on the card and a phone call to the bank for swipes above the floor limit
In the summers of 1969 and 1970 I worked the evening late shift at a Sunoco station in Maryland. We had about 50/50 cash and credit card. We used a multi-part form (light card, carbon paper, thin paper on top and a clackity swipe machine to imprint the card's raised name and numbers on the form. I wrote the price, license tag and date by hand, then gave the customer the paper copy. The owner's bookkeeper had to collate, add up and submit the card copies for billing, etc. Lots a manual steps and unavoidable errors, etc. Stone age, really.
She made the comment about not being monetized and I thought “how does she not have 100k+ subs?” This is a great video and really satisfied my curiosity about why the heck we had to change cards so many times.
First time viewing channel... really clearly explained, graphics used sparingly and when needed (IMHO). I really enjoyed this history element too. Great channel.
It was a Frenchman (Roland Moreno) who invented and patented the chip card in 1975. The French were therefore the first to have one. American banks refused to pay royalties. If Americans have chip cards now, it is mainly because the patent has expired.
I have noticed that all of sudden my credit cards are having five year life span instead of just good for 2 years. I didn't know why but now I do. Thanks Alex for a great education and I am so glad I found your YT channel. SUBSCRIBED!!! 👍😎
The quality of this channel is amazing. I actually thought this was a WSJ/Bloomberg piece until you said you haven’t been monetized yet. So talented. Your channel will blow up soon as the quality of the work speaks for itself and is undeniably great. Instantly subscribed and all the best.
I always expose my card strip to a strong magnet, rendering the strip useless. It makes it so skimmers don't work. Only problem is I can't use it in an ATM or some parking pay stations, for which I keep one card only for those purposes, attached to a small account with very little money to steal.
My question regarding those magnet strips is, why keep them around? What services only use magnetic strips still for payments? And why should ATMs not work if the magnetic strip is invalid, but both EMV and NFC still are?
@@lajawi. Because fraud makes them far too much money. It's also job security for the employees dealing with it, or not, as the case may be. I've erased my mag stripes also.
This is the first but definitely not last video I watched from your channel. Great quality and information breakdown. Earned a sub, keep up the good work 🤙
Before there were magnetic strips, the card was run through a device that physically imprinted the numbers on a two-part receipt, similar to a mimeograph machine. At the end of the day/week/month, the store's copy of the receipt was sent to the credit card company or bank. That made it quite easy for people to exceed their credit limits.
Alex, as a fellow creator, let me compliment you on your content and delivery style. You’re an excellent communicator! Thanks for using your skills to share information in a very easy to listen and digest manner. Bravo!!
I am so glad that YT algorithm is finally recommending quality channels, even though they are new. Helps a lot to get good channels monetized sooner. I think you have a natural talent for explaining how stuff works. Thx :-)
Great video! As someone with a background in RFID and payments, I really appreciate you doing all the research. This is a complicated timeline and most other TH-camrs miss parts or don't get it right. Bravo!
I came across this from a TH-cam recommendation - first time watching one of your videos. Just wanted to say that the video was fantastic - great content and great quality video production. I'm sure you be a much larger channel if you keep going this way. All the best!!
Amazing content! I love how you've broken down these complex ideas into something that's easy to understand! I'm going to make my teenagers sit down and binge your channel! Keep up the good work, and hope you're monitized soon!
Probably not necessary, but one of the biggest changes was the move from imprint machines to swiping the cards. I was in retail when we had to run the physical card through the imprint machine onto a voucher. This imprinted the information from the raised letters and numbers on the card, and then you had to call the card company to get an authorization number for the charge. It's somewhat amazing that the raised letters and numbers on the plastic cards are just now starting to disappear. Nice Video!
So informative. Australia here and visited the USA a while back now. I was so surprised that you didn’t have any of the payment tech that we did. Especially in the southern states. I was having to swipe, and also sign and show ID to confirm signature. I couldn’t believe it. We hadn’t done that for so many years, especially the signing and ID thing. Thanks again for such an awesome video.
Omg such an informative and terrific video! In Turkey we still do not use Google or Apple Pay payment systems, so learning the tech behind the chipped/magnetic card system was really useful for me. Thanks for the video!
Part of the reason chip cards came as a surprise to Americans was because "business friendly" government didn't forcefully mandate and subsidize the necessary changes, so vendors weren't compelled to pay up for an "unnecessary" upgrade of their POS terminals.
During the magnetic swipe days, it was extremely common to get a ‘Carbon Copy’ by physically swiping on top of card a multiple copy pressure sensitive and carbon copy paper.
You are really great at presenting info effectively. I learned a lot from your timeline. I remember layaway plans. I was just a kid, but I remember. I don't think they were 'credit' plans. You didn't get your product first. The store reserved your product while you made payments towards it's purchase. When you made all the payments, you got the product. As for the rest, a few technical details were maybe a bit off, but worth it to have such a complete story told. Thank you and keep it up!
I was just asking a friend of mine how any of the card payment methods worked, so this video popped up at a perfect time! Great content, just ‘tapped to pay’ with the subscribe button!
As a very tech interested person, this has been a treasure found. Keep up the good work! Looking forward to more videos. (Gladly going a little further into the tech stuff :) Thank you, subscribed! :D
Very nice! I'm from Costa Rica and I actually saw this timeline happening in my country. First swiping, then contactless cards and now the phone. Here nobody uses cash anymore. And also we have a new system by which you link your phone number to your bank account. So I can transfer you money, regardless of your bank just by knowing your phone number. So even if you are in a remote place in the country, as long as they can give you wifi or a hotspot youncan pay them. The last big thing that continued using cash was public buses. And this year they started implementing dataphones, so practically people won't need to use cash anymore.
Really looked like an established channel with hundreds of thousands of subs, run by an experienced host. Quality video, explained meticulously. Your channel will become a hit, I'm sure of it. Keep going and keep uploading videos. I subscribed right away! (n.b.: Not to do with anything you said, and forgive me if it is inappropriate, You are damn beautiful! One of the most beautiful presenters I have ever seen on youtube.)
So clearly communicated - thank you. I still have a mag stripe on my card but it's deactivated by default. The bank app can activate it for, say 30 mins, if absolutely needed. This happened once in Bali, where the airport ATM used old stripe technology.
In addition to the Target and Home depot breaches there was another reason to adopt new security technology. As a traveller to Europe an American would find themselves unable to pay with a mag stripe card at gas stations and restaurants and later all sorts of stores as Europe discontinued the use of mag stripe readers altogether. You had to carry foreign cash, lots of it.
About 45 years ago, I was in a compute trade show, and one booth had mag stripe readers. So just for kicks, I swiped my card, and big surprise! amongst my account numbers, there was my PIN in plaintext. When I saw this, I reached for the power cord and yanked it so the screen would turn-off. Of course, this pissed the salesmen in the booth…
It amazes me as a fast food worker that people will still have the swipe only cards after all these years. I also hate them because our card readers are finicky with them.
Canada has been using NFC for YEARS. it always amazes me that I still have to sign a chit in a lot of USA restaurants. Primary Scam Locations are Skimmers at Gas Stations in the U.S.
Be careful with tap to pay. A lot of banks add a % surcharge to use it instead of a flat fee. So if you are purchasing expensive items, you could find yourself having a tap to pay charge sometimes in the hundreds of dollars instead of cents if you were to insert your card.
We're trialling 2 factor contactless in the UK. There's a fingerprint pad on the card, that has to be held with your thumb at the same time as tapping.
What's funny is that IIRC, Target supported chip cards around 2001, but I think it was only certain AmEx cards. Target discontinued their chip readers a few years later.
Incredible video! I'm Brazilian and I find it funny that the US didn't really go through the "card chip" transition, here in 🇧🇷 when I was a kid I was obsessed with my parent's chip cards lol 🤣 people didn't really swipe anymore as of late 2000s/early 2010s
FYI smart card NFC works differently compared to how your phone talks to stuff, such as with bluetooth. Your phone creates its own radio waves to talk with other devices and powers itself. It also has its own receiver so it can talk both ways. The smart card instead enters the field generated by a card reader, powers itself through electric induction, and then modulates the existing field created by the card reader, which the reader notices and extracts data from. Its also different from RFID, which is like how your car easy pass works in toll roads. Just a small correction.
In India, cards were limited to a small section of salaried individuals, that had financial literacy Around 2016-17 the govt. demonetized the big bills (which was 80% of the cash by value) so everyone got a taste of contactless payments (via mobiles), which was further accelerated by covid lockdowns There's also an age factor, young graduates can apply for a card after they get a job (age 22-23) whereas for contactless payments one just needs to have an account in the bank (age 18)
You forgot the stage when cards were embossed and retailers would roll over the card with carbon paper to copy the credit card number onto paper. The buyer would then sign the piece of paper.
European, my parents told me that during their trip early 2000 to the USA the sellers were surprised by the golden chips. A futuristic thing
I felt the same way my first time in Europe!
@@EverythingButTheCode somewhat ironical as in the 2000s card payment was way more widespread in the US than in most parts of Europe
Like this shit didn’t just happen over night here in the USA, it took decades and is still not the standard like in Europe. We are pathetic about security
@@seanyoch2879 For French card it was the norm. I have never see someone use the magnetic band
As it's often the case, since we adopted the technology later, we imposed a more modern standard since it did not have to replace another one already well installed.
@@seanyoch2879 I just looked, it's actually a French specification, the chip was introduced in 1988 and generalized to all (French) banks from 1993.
You have the NFC portion missing the coolest part of the technology. The card uses induction to charge and power the chip and the chip getting the electricity powers up and THEN it will send it's signal through radio waves specifically 13.56 MHz.
I don't normally correct people but with this I just thought how cool it was to know they power up through induction so I had to share it with the class. Amazing video though.
Thanks for sharing this!
@@EverythingButTheCode no problem. Let me know if you ever need anyone to help you out in regards to consulting on tech, coding, hardware & Robotics, basic physician (in progress)
@@rogerleclerc4552th-cam.com/video/W3EfuR5kdbw/w-d-xo.html
Thats actually similar to a Wacom tablet, which uses induction to charge and power the pen and the pen powers up and THEN sends its signal.
My cell phone transmits my location even with the battery removed. Runs off microwaves in the air.
i work in the payment tech industry and the way you broke it down was top notch. thank you for the concise presentation. earned a new subscriber and hope this channel blows up !
Thank you!
"The subscribe button is kind of like tap to pay, because if you tap it then I'm one step closer to being monetized" 😂
subscribed
Haha thank you!
Just about every business in our area has a insert style chip reader but there are less than 5 within 15 miles of my house that take tap to pay which really sucks. Tap to pay really isn’t popular a,one businesses it seems
I didn't realize this was a new channel when I added the video to my watch later; I assumed it was somebody like WSJ or Wired.
Im honored! Thanks!
Same!
You have a real talent for this. Every question I had was answered like 30 seconds later, keep it up, with the graphics and your great presentation skills (no um's or uh's, good speaking speed etc) this channel is explode in like a year with regular uploads!
Thank you!
yep no Um’s or Uh’s. This Channel IS Explode in no time!!! Great typing there buddy!!!
Prior to 1985 there was no magnetic stripe. It was an imprint from the embossed numbers on the card and a phone call to the bank for swipes above the floor limit
In the summers of 1969 and 1970 I worked the evening late shift at a Sunoco station in Maryland. We had about 50/50 cash and credit card. We used a multi-part form (light card, carbon paper, thin paper on top and a clackity swipe machine to imprint the card's raised name and numbers on the form. I wrote the price, license tag and date by hand, then gave the customer the paper copy. The owner's bookkeeper had to collate, add up and submit the card copies for billing, etc. Lots a manual steps and unavoidable errors, etc. Stone age, really.
She made the comment about not being monetized and I thought “how does she not have 100k+ subs?”
This is a great video and really satisfied my curiosity about why the heck we had to change cards so many times.
This is totally an underrated channel! Earned a new subscriber...
Thank you!
First time viewing channel... really clearly explained, graphics used sparingly and when needed (IMHO). I really enjoyed this history element too. Great channel.
Thank you!
It was a Frenchman (Roland Moreno) who invented and patented the chip card in 1975. The French were therefore the first to have one.
American banks refused to pay royalties. If Americans have chip cards now, it is mainly because the patent has expired.
Amen. Merci de nous avoir prévenu !
Well, we all know the French make great pastries.
I have noticed that all of sudden my credit cards are having five year life span instead of just good for 2 years. I didn't know why but now I do. Thanks Alex for a great education and I am so glad I found your YT channel. SUBSCRIBED!!! 👍😎
The quality of this channel is amazing. I actually thought this was a WSJ/Bloomberg piece until you said you haven’t been monetized yet. So talented. Your channel will blow up soon as the quality of the work speaks for itself and is undeniably great. Instantly subscribed and all the best.
Thank you!
I always expose my card strip to a strong magnet, rendering the strip useless. It makes it so skimmers don't work. Only problem is I can't use it in an ATM or some parking pay stations, for which I keep one card only for those purposes, attached to a small account with very little money to steal.
I need to do this!
I've heard that some ATMs in Europe refresh the magnetic strip if it's unreadable with the information gathered from the EMV chip.
My question regarding those magnet strips is, why keep them around? What services only use magnetic strips still for payments? And why should ATMs not work if the magnetic strip is invalid, but both EMV and NFC still are?
@@lajawi. Because fraud makes them far too much money. It's also job security for the employees dealing with it, or not, as the case may be. I've erased my mag stripes also.
This is the first but definitely not last video I watched from your channel.
Great quality and information breakdown. Earned a sub, keep up the good work 🤙
Thank you!
"if you tap it then I'm one step closer to being monetized"
lmao got me
This was a really interesting and well written video! Definitely gained a new subscriber from me. Looking forward to watching new videos.
Absolutely killer video! Keep it up, you'll blow up soon!
This channel is crazy high-quality. Looking forward to your future videos!
Thank you!
1:07 My mom OFTEN used "Lay Away" when were were kids. Before the mid '60s, there _were_ not credit cards for the average Joe.
Before there were magnetic strips, the card was run through a device that physically imprinted the numbers on a two-part receipt, similar to a mimeograph machine. At the end of the day/week/month, the store's copy of the receipt was sent to the credit card company or bank. That made it quite easy for people to exceed their credit limits.
For card not present here in the EU we have mandatory usage of 3D secure technology which later evolved into verified by visa and MasterCard id check
this is probably the best video I watched in this entire month ngl
Thank you!
Never thought about my debit card like this but glad I watched the video!
Glad you enjoyed!
Absolute banger of a video, looked down and was amazed to see the channel's at 1.9k - definitely going places
Thank you!
AMAZING production quality in this video!!
This was so good! Especially noting how suddenly the US adopted multiple technologies. Thank you!
I am SOOO happy I came across your page! I love watching videos like this and seeing that we share identities!? Subscribed!!
Love this! Thanks for subscribing!
Alex, as a fellow creator, let me compliment you on your content and delivery style. You’re an excellent communicator! Thanks for using your skills to share information in a very easy to listen and digest manner.
Bravo!!
Thank you!
I am so glad that YT algorithm is finally recommending quality channels, even though they are new. Helps a lot to get good channels monetized sooner. I think you have a natural talent for explaining how stuff works. Thx :-)
Thank you!
Uhm only 600 subs?!? This content is golden. New sub!
Thank you!
Great video! As someone with a background in RFID and payments, I really appreciate you doing all the research. This is a complicated timeline and most other TH-camrs miss parts or don't get it right. Bravo!
Thank you!
I honestly dont understand how you've not blow up yet, forrealllll - amazing video and super informative :) Thanks for making this 😊😊
Thank you!!
I came across this from a TH-cam recommendation - first time watching one of your videos. Just wanted to say that the video was fantastic - great content and great quality video production. I'm sure you be a much larger channel if you keep going this way. All the best!!
Thank you!
Excellent presentation. Thank you for all the dilligent work and for sharing such a precise and necessary content.
Thank you!
Really nicely explained! And the video is nicely edited too. Great work !
Thank you!!
Amazing content! I love how you've broken down these complex ideas into something that's easy to understand! I'm going to make my teenagers sit down and binge your channel! Keep up the good work, and hope you're monitized soon!
Thank you!
Probably not necessary, but one of the biggest changes was the move from imprint machines to swiping the cards. I was in retail when we had to run the physical card through the imprint machine onto a voucher. This imprinted the information from the raised letters and numbers on the card, and then you had to call the card company to get an authorization number for the charge. It's somewhat amazing that the raised letters and numbers on the plastic cards are just now starting to disappear. Nice Video!
Brilliant video. You have a new subscriber. I hope your channel grows!
Thank you!
So informative. Australia here and visited the USA a while back now. I was so surprised that you didn’t have any of the payment tech that we did. Especially in the southern states. I was having to swipe, and also sign and show ID to confirm signature. I couldn’t believe it. We hadn’t done that for so many years, especially the signing and ID thing. Thanks again for such an awesome video.
Omg such an informative and terrific video! In Turkey we still do not use Google or Apple Pay payment systems, so learning the tech behind the chipped/magnetic card system was really useful for me. Thanks for the video!
Part of the reason chip cards came as a surprise to Americans was because "business friendly" government didn't forcefully mandate and subsidize the necessary changes, so vendors weren't compelled to pay up for an "unnecessary" upgrade of their POS terminals.
During the magnetic swipe days, it was extremely common to get a ‘Carbon Copy’ by physically swiping on top of card a multiple copy pressure sensitive and carbon copy paper.
This channel gonna blow up
Found my new favorite channel. I’m subscribed and here to stay
Thank you!
Amazing video! You simplified and explained everything very well, this is such a high-quality video.
I don't know how I got here, but I'm glad I did.
You are really great at presenting info effectively. I learned a lot from your timeline.
I remember layaway plans. I was just a kid, but I remember. I don't think they were 'credit' plans. You didn't get your product first. The store reserved your product while you made payments towards it's purchase. When you made all the payments, you got the product.
As for the rest, a few technical details were maybe a bit off, but worth it to have such a complete story told.
Thank you and keep it up!
What a fantastic video. I can't wait to see where your channel goes. Subbed.
Thank you!
Information rich and pleasing to the eyes and ears. Bravo! Subscribed.
Really good research thanks a lot and if you keep up with the same quality you deserve a million subscribers
I was just asking a friend of mine how any of the card payment methods worked, so this video popped up at a perfect time! Great content, just ‘tapped to pay’ with the subscribe button!
Thank you!
As a very tech interested person, this has been a treasure found. Keep up the good work!
Looking forward to more videos. (Gladly going a little further into the tech stuff :)
Thank you, subscribed!
:D
Thank you!
Amazing video. Top tier breakdown. Very easy to follow. You have a new subscriber.
Thank you!
The way I cracked up at "the subscribe button is also kind of like 'tap to pay' because..." 😂
I tapped the damn button just for that 😂
Very nice! I'm from Costa Rica and I actually saw this timeline happening in my country. First swiping, then contactless cards and now the phone. Here nobody uses cash anymore.
And also we have a new system by which you link your phone number to your bank account. So I can transfer you money, regardless of your bank just by knowing your phone number. So even if you are in a remote place in the country, as long as they can give you wifi or a hotspot youncan pay them.
The last big thing that continued using cash was public buses. And this year they started implementing dataphones, so practically people won't need to use cash anymore.
This video was so interesting! Really enjoyed watching it
Great video and so glad to have found your channel!
Thank you!
Wow. Excellent work. I'm so glad this ended up in my feed.
In Korea, RF systems were not considered when converting magnetic stripe cards to IC cards. So you can hardly use Apple Pay and Google Pay in Korea.
I haven't been on TH-cam that much recently, but I'm happy i saw your video as i opened it.
Really looked like an established channel with hundreds of thousands of subs, run by an experienced host. Quality video, explained meticulously. Your channel will become a hit, I'm sure of it. Keep going and keep uploading videos. I subscribed right away! (n.b.: Not to do with anything you said, and forgive me if it is inappropriate, You are damn beautiful! One of the most beautiful presenters I have ever seen on youtube.)
Thank you!
One of the best Video I have seen. Very direct. Great work.
Thank you!
So clearly communicated - thank you. I still have a mag stripe on my card but it's deactivated by default. The bank app can activate it for, say 30 mins, if absolutely needed. This happened once in Bali, where the airport ATM used old stripe technology.
Please keep doing these - they're super good
The information was clearly presented and explained in simple terms. Kudos !
Thank you!
In addition to the Target and Home depot breaches there was another reason to adopt new security technology.
As a traveller to Europe an American would find themselves unable to pay with a mag stripe card at gas stations and restaurants and later all sorts of stores as Europe discontinued the use of mag stripe readers altogether. You had to carry foreign cash, lots of it.
About 45 years ago, I was in a compute trade show, and one booth had mag stripe readers. So just for kicks, I swiped my card, and big surprise! amongst my account numbers, there was my PIN in plaintext. When I saw this, I reached for the power cord and yanked it so the screen would turn-off. Of course, this pissed the salesmen in the booth…
bt gotta say tap to pay is awesome,but swiping gives satisfaction 😢 i was young and couldn't be part of that more.
Fabulous research! , love to hear your voice, magnificent cadence, wonderful intonation within a cristal voice.
Thank you!
@@EverythingButTheCode What about the new huawei 3fold3?
Great job on the video - thanks for putting that together for us!
Great video. I love the look and feel as much as the content .
It amazes me as a fast food worker that people will still have the swipe only cards after all these years. I also hate them because our card readers are finicky with them.
Canada has been using NFC for YEARS. it always amazes me that I still have to sign a chit in a lot of USA restaurants.
Primary Scam Locations are Skimmers at Gas Stations in the U.S.
Done so professionally! Kudos ❤
One day when you have 1M subs be sure to remember me. I see all the ingredients of a good engaging video.
Thank you!!
Incredible content. Great pacing for technical content. I feel like I understand. Thank you!
Thank you!
Be careful with tap to pay. A lot of banks add a % surcharge to use it instead of a flat fee. So if you are purchasing expensive items, you could find yourself having a tap to pay charge sometimes in the hundreds of dollars instead of cents if you were to insert your card.
Your video is of excellent quality, you spoke so well and clear, and beautiful. Need to increase your subscribers. Good luck.
Thank you!
We're trialling 2 factor contactless in the UK.
There's a fingerprint pad on the card, that has to be held with your thumb at the same time as tapping.
Excellent breakdown. Clearly explained. Nice work.
Thank you!
Amazing channel! Love the insights and super useful for college students! Honored to be your 420th subscriber hehe :)
Haha thank you!
TH-cam algorithm being useful for once, subbed!! Loved this video
Great explanation of how cards work.
Very good video of how cards work. She has a pleasant and excellent voice with the explanations given in an easily understandable manner. Thanks
What's funny is that IIRC, Target supported chip cards around 2001, but I think it was only certain AmEx cards. Target discontinued their chip readers a few years later.
Incredible video! I'm Brazilian and I find it funny that the US didn't really go through the "card chip" transition, here in 🇧🇷 when I was a kid I was obsessed with my parent's chip cards lol 🤣 people didn't really swipe anymore as of late 2000s/early 2010s
Good luck with the new channel!
Thank you!
Excellent explanation, very easy to understand!
Awesome video. I am looking forward to see your channel grow! Subbed!
Thank you!
I demagnetize the magnetic strip on my debit cards to prevent scimming.
Credit card charges can be stopped. It's harder to reverse debit transactions.
Smart!
i've been thinking about this because like how does the card know the wireless payment works bc it itself doesn't have electricity.. very informative!
Investing in this channel with this comment, it’ll be huge someday. Great vid quality & storytelling
Thank you!
FYI smart card NFC works differently compared to how your phone talks to stuff, such as with bluetooth. Your phone creates its own radio waves to talk with other devices and powers itself. It also has its own receiver so it can talk both ways. The smart card instead enters the field generated by a card reader, powers itself through electric induction, and then modulates the existing field created by the card reader, which the reader notices and extracts data from. Its also different from RFID, which is like how your car easy pass works in toll roads. Just a small correction.
Great Content, Looking forward to see more !!!
Thank you!
Great overview! Clear and concise, but detailed enough. Thanks!
Thank you!
Thanks, this was interesting, informative and well presented. 😀
Impressively high quality content!!
In India, cards were limited to a small section of salaried individuals, that had financial literacy
Around 2016-17 the govt. demonetized the big bills (which was 80% of the cash by value) so everyone got a taste of contactless payments (via mobiles), which was further accelerated by covid lockdowns
There's also an age factor, young graduates can apply for a card after they get a job (age 22-23) whereas for contactless payments one just needs to have an account in the bank (age 18)
Very well done, great job with your channel.
You forgot the stage when cards were embossed and retailers would roll over the card with carbon paper to copy the credit card number onto paper. The buyer would then sign the piece of paper.