Karen, Very well written. One point is I don't think PIN number even if they were used for credit card transactions would reduce fraud like Debit card PIN's do. The fraudsters want the Magnetic card information to create and sell stolen card information. That's why the US has such high fraud rates. I for one think the QR code approach that has the consumer taking an image of the merchant QR code (Merchant ID) then the phone uses all security such as P2PE, 3D, biometrics to identify the cardholder (replaces the PIN), Tokens for payment. No EMV terminals required.