PIN’s to cut queue times
Retailers and consumers alike are expected to welcome the introduction of the ability to authorise credit card purchases with a PIN instead of a signature. While consumers will still be able to sign for transactions, retailers estimate that the use of a PIN instead will reduce the amount of time spent on each sale by around eight seconds, meaning less time spent in queues. InfoChoice analyst Steven Anderson says that there are also security benefits and that the level of card fraud is expected to reduce. “In every country where you have to have a PIN, fraud numbers have dropped dramatically,” he said. Mr Anderson was involved in the implementation of chip and PIN cards for Barclays Bank in Britain. He says that the introduction of a PIN option here is the first step in moving to more sophisticated security arrangements and that a change to chip and PIN cards will happen in Australia over the next three to four years.
Source: Sydney Morning Herald