Probably not. The magnetic strip was easy to explain (it contains some info the terminal checks, it's functionally just a long password), but it's also pretty easy to explain why skimming was a problem. Explaining how chips fixed that (signing keys and cryptography) is probably beyond a 30 second explanation with Joe Schmo.

Then again, I doubt most people care to know, which is why that explanation works. They're not going to ask 'where is the passkey in my computer?'.