New research from Visa indicates that 69% of UK cardholders welcome the introduction of PIN (personal identication number) usage to replace signatures at the point-of-sale, giving weight to last week's decision by UK banks and retailers to introduce chip/PIN technology from next year
Of the 69% who feel that the introduction of PIN would bring security benefits, 52% believe their cards would be less open to forgery. The survey also shows that over three-quarters of respondents (76%) would be happier for waiters to process payment at the table, so they can keep an eye on their cards.
Fifty-three per cent of respondents name convenience as a key benefit for chip/PIN roll out. Forty-two per cent say it will stop them having to scrabble around for a pen and 55% believe the process will be quicker than signing for goods.
Visa last year invested EUR168 million to encourage banks and retailers to introduce chip and PIN in Europe.
Colin Grannell, managing director, Visa UK, comments: "Visa has been working with the UK banks and Apacs to introduce chip cards since the mid 90s and looks forward to working closely with them to accelerate this move. Our experience in other countries has shown that the introduction of PIN at POS will significantly reduce fraud levels."
When the French first introduced chip cards, fraud losses were almost eliminated within just three years, with savings of EUR770 million achieved over a seven year period, says Grannell.
In the UK, Visa members have already issued 20 million chip cards, and the company estimates that at least 80% of payment cards will be both chip and PIN-based by mid 2004.