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A few years ago, Europe moved to chip-enabled cards allowing the user to input a pin number to pay for goods. The first magnetic strip, or stripe, was invented by IBM in 1960 for the U. The story goes, he went home one night with several plastic cards and several magnetic strips.

Credit card companies are developing a range of cards that can talk to their owners. later this year, will have wafer-thin microprocessors and will run on batteries that last up to three years.

They will also be able to display your balance, while also doubling as a reward card, it is promised. As companies try to tackle rising fraud, the card will only display personal information after a security code has been entered. Investor Forrest Parry could not get the strip to stick to the back of the card without damaging the data.

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