Chip And PIN passes one year milestone

Chip and PIN has been around for just over one year. UK payments service APACS has issued an update on the progress of the new technology. Most businesses that accept cards have upgraded to chip and PIN, with more than 99 per cent of all chip and PIN transactions now being PIN-verified. More than 185 chip and PIN transactions take place every second, compared with 125 per second a year ago.

UK banks and credit card companies have now issued 138 million chip and PIN cards. This represents 97 per cent of the 142 million payment cards in use in the UK. It is an increase of six million over the number in circulation six months ago. Some 900,000 shop tills (98 per cent of those in the UK) have been upgraded to Chip and PIN.

Sandra Quinn, director of communications at APACS, says: ‘The rollout of chip and PIN has been a tremendous success. Chip and PIN cards now account for 97 per cent of all payment cards in circulation in the UK. As a result, it is now safer than ever to use your card when shopping, and far more difficult for fraudsters to get access to your money.’

MoneySupermarket.com’s Robert Kenley comments:  ‘A year on, chip and PIN has made a significant impact on reducing card fraud, indeed, figures show that total card fraud is down by five per cent1. However people are set to benefit from pioneering technology that will utilise chip and PIN to safeguard them from fraud when making ‘remote’ purchases i.e. buying goods over the internet, the phone and mail order. If it comes to fruition this innovation will not only protect consumers, but also revolutionise the payment card market. These developments are still in initial trials and it will be interesting to see who will be the first to come on board.’