The European Central Bank (ECB) has called for chip-only cards. They believe that removing mag-stripes from cards issued in the Eurozone will cut fraud. The ECB's executive board member Gertrude Tumpel-Gugerell also called for the creation of a European card scheme to compete with US giants Visa and Mastercard.
The call was made at a joint conference with Oesterreichische Nationalbank (OeNB), the Austrian national bank, and was supported by Wolfgang Duchatczek, the OeNB's vice-governor.
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