It's already here, though, mate. It's not a chip, it's a mobile telephone. It's got everything in there including the means to pay and have it billed to your account.
If you look at disasters across the world, when the banking system goes down people resort to barter. Like in the old days, I'm not even slightly worried about that!
What I'm wondering is why something as invasive as this is as now as palatable as it is. Is it marketing for the latest greatest gadget? Or is it because privacy is old fashioned?