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MoarHawk t1_j6j499c wrote on January 30, 2023 at 6:23 PM

Reply to comment by jimmysofat6864 in ELI5: Why are contactless payment methods faster than inserting the chip? by jimmysofat6864

In an offline EMV transaction (i.e. bank isn't contacted) they verify that the card is genuine, they don't verify funds are available in the account. If the card is used fraudulently then the bank eats the cost in the UK, not the merchant.