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Better late than never!  A positive step taken to haul the U.S. in the right direction.  To quote from the Visa press release:  ".......The U.S. is the only country in the world that has not committed to either a domestic or cross-border liability shift associated with chip payments."  Here's hoping that such a liability shift will also be extended to ATMs.........

.....and what about phone security?  I'm guessing that the majority of people with smart phones do not assiduously install an anti-virus application, and then keep it updated.

It's all very well to forward the SMS to a friend, but what if it is forwarded to a different cell phone by a trojan?  Easy money!  While I accept that mobile phones have a wider role in less developed economies, it seems as if the risks related to such cash withdrawals may have been discounted in favour of customer convenience. Now time will tell.............

".....the hardware is poorly constructed and cannot encrypt card data, opening up an opportunity for crooks posing as merchants."

The skimming fraternity have shown great agility in the past, both at ATMs, POS terminals and unattended payment terminals.  This just sounds too easy.

I agree with the Finextra verdict............the same idea using encrypted card data, and a Chip card reader, would be a lot better - except in the USA of course, until they adopt EMV!