Big Changes Ahead for Consumers, Merchants With New Chip Cards – The Street

“Another positive effect: Overseas travel should be more consumer friendly. ‘It will make international travel easier and more secure,’ says Crystal Stranger, president of1st Tax, a Los Angeles tax services provider, and the author of The Small Business Tax Guide.

‘I travel internationally frequently and, particularly in Northern Europe and Scandinavia, it is getting very difficult to travel without a chip credit card,’ she says. ‘In many places you cannot purchase a train ticket or pay for your meal without having a chip card. Many times they do not even accept cash or coin, and I have had to ask someone else to pay for me and take currency in exchange.’

Stranger says the move to a chip-based card for consumers will likely mean a change away from using cash in the U.S. as a form of payment option. ‘The IRS will love this, as it makes it harder than ever for businesses to conduct on a cash basis and not report income or wages paid to employees.'”

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