Fun fact: some Russian banks now issue stickers with card chips in them. You're meant to stick it to the back of your phone to "tap and pay" like in the before times. Especially popular among iPhone users.
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For real? Pure cargo cult!
Having two separate devices is at least more secure. Besides, does it even ask for a PIN? Normally one expects it to be secure because the phone acts as an additional security device that performs a biometrics check of the one holding it prior to responding to a challenge, with phone out of the way and no PIN prompt this is madness! 😱