[kleinsch]

You leave your credit card on the table at a coffee shop. A thief takes it and goes to the grocery store. You’re going to do a chargeback.

[matwood]

Funny aside. Anytime my CC has been stolen the thieves always go grocery shopping first, I assume for alcohol.

[warkdarrior]

It's the easiest way to test a card, before going to the Apple Store.

[konschubert]

Yea I’m not proposing to replace low security credit cards with low security debit card this is a silly strawman.

EDIT: I see the general problem of origination fraud. But that can be mitigated by imposing limits and requiring extra levels of authentication for bigger payments.

[crazygringo]

> EDIT: I see the general problem of origination fraud. But that can be mitigated by imposing limits and requiring extra levels of authentication for bigger payments.

Which are exactly the kinds of things credit cards do, but it can't be perfect so they still suffer losses, so they still have to charge a percentage.

(Of course a lot of the percentage can go to rewards programs, so we're talking about the percentage once those are accounted for.)

[ta_1138]

And that becomes industrial, as someone takes 50 thousand cards, and then steals $20 from each. Then the next store takes another $20...

Fraud is already a big business, with the current security levels. With worse security? Fraud goes up some more.

[devman0]

You said you don't want the ability to do chargebacks, but chargebacks solve two different problems: 1) origination fraud (i.e. someone not you originates a transaction from your account) and 2) merchant fraud (i.e. goods not as described/unsatisfactory/undelivered).

It's fine if you say, yeah I can do without #2, but realistically you cannot do without #1 in any digital payment scheme that will have wide acceptance so a chargeback mechanism is required.

The only settlement methods we have that do without both protections are cash, cashiers checks, and wires. Setting aside cash the other two are a pain in the ass to originate exactly because they are non reversible.

[welder]

Nobody uses physical cards anymore... even my kids pay with their toy watch when playing restaurant

Edit: Tap pay is ubiquitous in the EU

[dkasper]

Absolutely not true. Some places still don’t even take tap to pay and still use chip.