We do not use those swiping readers in finland anywhere anymore. Everybody uses the chip readers. The swiping kinds are just a backup, and if you use it, you have to sign the receipt and show your id.
... and I would never load my credit card info and my id card info (with picture) to any database. If that information goes to wrong hands, then anyone could use that device to steal my money.
Well since I got my Iphoney 4 I do use it for internet banking and have the option setup if the 4 digit password is ever put in wrong then the app will shutdown and won't work until the bank calls to ID the person using the phone. To get that setup I went into the bank and asked and they set it up for me. Over here credit cards all have that wave and pay which I never use on principle, I always put my card in the machine and type in my pin just to be sure to be sure.