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⍰ ASK What was the impact of the Y2K scare on electronic payment systems in the U.S.?

As Y2K approached, concerns arose due to computer systems using only two digits for the year. To address this, banks invested in updating and testing their systems, preventing Y2K issues and enhancing overall security.

These preparations not only averted problems but also improved electronic payment systems, laying the foundation for more reliable transactions.

Despite initial fears, the Y2K scare spurred the U.S. to strengthen and advance electronic payment technologies.
 

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