The names of the currencies being used to pay for dinners and clothing around the globe might differ, but the underlying technology is becoming the same.

Last week, Bridgeport-based People's United Financial became the first U.S. bank to install ATMs that comply with new global specifications for smart card payments. In the coming years, Americans will see their cards with magnetic strips being replaced with the same chip embedded in credit and debit cards Europeans, Mexicans and Canadians use to pay with their euros, pesos and loonies. These smart cards are, in effect, computers without screens.

The change in payment card technology, however, is coming in an era when mobile payment systems are also arriving in the market, which could further change how we buy things.

People's installed the new machines that meet what is known as EMV standards at its Manhattan branch.

"This is an initial test of a single location's ATMs, and we anticipate working in line with other parties in the financial services industry to implement it across our network, as appropriate, over the next two to three years," said Valerie Carlson, a People's spokeswoman.

America is a little late to the party on this front, and it will take time to catch up.

"What's going on is that all the other major markets have already migrated to EMV chip cards, said Carolyn Balfany, MasterCard senior vice president of product delivery. And now the U.S. is doing it.

"Will consumers see an immediate change? Probably not," she said, explaining there is quite a bit of infrastructure that needs to be changed and that's one reason it hasn't happened yet.

"It is a fairly large investment for banks, for merchants," she said.

The banks, however, do have an incentive to convert now. Balfany said those that do not will assume more risk liability.

In less technical language, the banks that don't switch will pay more when fraud occurs.

Some banks with large customer bases made up of travelers already issue the chip cards, she said. It's especially helpful in Europe.

Wells Fargo is doing that for business customers already.

Balfany said MasterCard believes the EMV system to be more secure. Instead of a single swipe transmitting a small amount of information, the chip cards are more dynamic and create more data points.

They are harder to duplicate, as well.

Consumers should like the new cards, not just because they are more secure, she said, but because they allow people to do more with them. When someone docks a smart card in a payment station or ATM, the customer can do more than just pay for an item; he or she can also access loyalty programs and prepay for future items, like transportation passes.

Though sometimes called chip and PIN cards, Balfany said in America, card issuers will be able to choose whether a personal identification number will be required to use them.

Some merchants aren't waiting for the transition. Seattle-based Starbucks has been using a mobile payment system in its stores for more than two years and recently invested $25 million in San Francisco-based Square, which has developed a variety of mobile payment technologies.

"We're getting great reaction to it," said Linda Mills, a Starbucks spokeswoman.

Almost 4 million transactions a week, or roughly 10 percent of all sales, are mobile, she said.

Starbucks has its own app that creates a digital rendering of a gift card and allows you to load money onto it. When you buy your coffee, you run your phone past a special scanner in the store.

Through Square, Starbucks also allows people to pay using a digital credit card.

"We're seeing strong adoption," she said. "People like it."

And consumer watchdogs are warily endorsing the move into new payment technology.

"We like chip and PIN. It adds a layer of security for consumers and also for people who travel abroad," said Susan Grant, director of consumer protection for the Washington, D.C.-based Consumer Confederation of America.

She agreed with Balfany the chip cards are more difficult to counterfeit.

Grant suspects American financial institutions didn't adopt the chip cards because losses related to fraud were considered just the cost of doing business.

When it comes to mobile payments, Grant wants more protections for consumers. With some mobile systems, once you get someone's phone, it's easy to use.

But the potential in the technology is interesting.

With the mobile wallets, there is the capability to create multiple pre-loaded payment cards in which users could, instead of paying directly from their bank accounts, instead use these cards. Ideally, funds would be loaded to these cards through a secure electronic transfer process from your account.

Changes aren't just coming to the electronic payment front. People could get a new way to get cash.

NCR of Georgia, which has worked in converting banks and retailers to EMV in Europe, Mexico and Canada, installed the machines for People's.

Jeff Dudash, a NCR spokesman, said EMV isn't the only thing that's coming to America. Wireless transactions using mobile devices will be available at ATMs.

NCR has developed software that banks can incorporate into their own mobile banking applications that will allow people to withdraw cash from an ATM without inserting a card.

Customers use their mobile device to authorize and select their withdrawal and then when they're in front of an ATM, they can scan a barcode that's on the screen and the money is dispensed.