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The data on the magstripe is the trivial tiny visible part of the credit card system iceberg. The major difficult part of the system (and any system that wants to replace/improve creditcards) is the merchant & issuer network + the international legal&liability issues, not the technical thingy given to cardholders.

If you make a finished perfect technical device that's better than creditcards - great job, you're 1% done in replacing CC's, wake me up when you're atleast 33% done on the other major issues.

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