"NEW YORK (Reuters) - Retailing giant Target Corp. (NYSE:TGT - news) is phasing out computer chips on its Target Visa cards due to limited shopper use, dealing a setback to proponents of "smart card" technology.
Target announced the move on Tuesday, less than three years after it introduced the cards. The technology allowed cardholders to download discount "coupons" from the Internet or in-store kiosks onto the cards, then use the coupons on purchases in Target stores.
"I think a lot of eyes were watching Target," said John Gould, director of consumer lending and bank cards at research firm TowerGroup. Target's decision to abandon the technology will put a "short-term damper" on other issuers' decisions to roll out similar programs, he said."
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Mar 4, 2004, 10:13 AM
