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Why Credit Cards Have That Annoying Chip | Planet Money | NPR

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 Computer Science   |   Science   |   Technology
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Ever wondered why the chip on your credit card made it slower — or where the chip and stripe on your credit card even came from?

Here's the story. In the mid-'60s, the airline industry had a problem. The 747, the first real jumbo jet, had just been introduced. There were more passengers at the airport than before. More passengers meant longer lines. And that was especially bad because this was the era when customers paid for their tickets right there at the airport — often by credit card.

Back then, paying by credit cards was a whole ordeal. The airlines had to call up the bank manually in order to confirm the card. With lines growing, the airlines needed a faster process. So they called IBM to ask for help, and that's where our story (which also features some French fraudsters and a hippie inventor) begins.

LISTEN to the original 'Planet Money' podcast episode here: http://n.pr/2InJ2af
SUBSCRIBE TO 'PLANET MONEY SHORTS': http://bit.ly/2o5dHjo
SUBSCRIBE TO 'PLANET MONEY': http://n.pr/2Eq8WMl
WATCH MORE NPR VIDEOS: https://www.youtube.com/npr

Host
Alex Goldmark

Originally Reported By
Alex Goldmark
Julia Longoria

Producers
Bronson Arcuri
Ben Naddaff-Hafrey

Editor
Bronson Arcuri

Animation
Marcie LaCerte

Cast
Alex Chen
Nick Fountain
Camilla Franklin
Alex Goldmark
David Gorsline
Ryan Kellman
Kenny Malone
Colin Marshall
Julia Melfi
Nick Michael
Ben Naddaff-Hafrey
Stephen Thompson

Series Creative Director
Mito Habe-Evans

Consulting Producers
Alex Goldmark
Robert Smith
Bryant Urstadt

Executive Producer
Keith Jenkins

Special Thanks To
TWA lounge at 1WTC by TWA Hotel
Marquet Patisserie

Archival Media
Prelinger Archives

------------------------------------------------------

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