Datacash, a bank-independent processor of card not present payments, has extended its EFT services to support chip and PIN transactions at the point of sale.
The move allows the company to offer payment services to high street retailers for the first time.
The chip and PIN initiative requires cardholders to enter a four-digit PIN instead of signing a paper receipt at the point of sale. By 1 January 2005 all terminals in the UK need to be chip and PIN compliant. DataCash has extended its functionality to support terminals integrated into POS systems as well as standalone terminals.
Gavin Breeze, business development director, DataCash, says: "DataCash is now working closely with systems integrator partners, retailers and point of sale software suppliers to roll out our outsourced managed electronic funds transfer solution for chip and PIN."
Datacash cites figures released by the Association for Payment and Clearing Services (Apacs) which show that card fraud losses are growing at about 30 per cent per annum, a cost of £411 million in 2001. Forecasts show UK losses would be in the region of £800 million by 2005.