-> Are you being ironic? That s how almost how the european credit cards works since 2 decades, actually it is much more powerfull that what you describe.
Bruce Schneier pointed out the real solution years ago. If your card has some processing power and a display (which this solution has), just add a keypad (similar to a calculator in credit-card size).
->When you insert your card into a terminal, that what you get, a keypad plus a screen
The keypad is for a pin. The owner keys in the pin, the card generates a one-time-use credit card number,
->CC cards generate unique transaction id already
and the waiter/salesman can take the card to the back and swipe it or whatever. When the card is lost, the thieves won't know the pin. If the number is copied, it can't be used beyond the first sale.
->You actually don't give your card to the waiter, waiters have a wireless terminal they give you, it kinda goes faster
You can even use this on a computer peripheral.
->with the cc actually you can, it s kind of computer in itself. If you could hack a CC protocol, we'have a lot of other problems
The software on the card is fixed and can't be hacked.
-> that's the case
Multiple accounts can be stored on one card, so you only need one card instead of multiple credit cards in your wallet.
->thats the case, but banks dont like to share so issued cards only allow yoi to choose from accounts from your issuing bank
Of course, the thieves can kidnap the owner, but that's not the problem this addresses.
->either do EU cc cards. ( for stolen cards, nowadays for internet transaction your bank text you a temporary code to input in addition to your card number).
->Contactless payement added few years ago is a convenience which would allow to steal 45€max
A smart card with pin on the card prevents all kinds of copying, skimming, lost cards, even online accounts.
->EU CC cards as well, as a bonus they do actually exists
Since we're switching to smart cards, I don't know why we simply haven't switched to the final solution.
-> neither do i