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

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Channel: NPR
Categories: Computer Science   |   Science   |   Technology  
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Description

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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ABOUT NPR
NPR connects to audiences on the air, on demand, online, and in person. More than 26 million radio listeners tune in to NPR stations each week and more than 36 million unique visitors access NPR.org each month making NPR one of the most trusted sources of news and insights on life and the arts. NPR is also the leading publisher of podcasts, with 36 original shows and an average of 4 million listeners per week. NPR shares compelling stories, audio and photos with millions of social media users on Facebook, Twitter, Instagram, Pinterest, YouTube and Snapchat; NPR News and NPR One apps, online streaming, podcasts, iTunes radio and connected car dashboards help meet audiences where they are. NPR's live events bring to the stage two-way conversations between NPR hosts and the audience in collaboration with the public radio Member Station community. This robust access to public service journalism makes NPR an indispensable resource in the media landscape.

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