Barclaycard is to spend £60 million on upgrading its eftpos terminal infrastructure to handle chip and PIN payments using smart cards.
The exclusive five-year deal with terminal equipment manufacturer Ingenico is the biggest in the Scottish company's history.
Over 100,000 Ingenico terminals are currently in use at Barclaycard and the new deal will include PIN pads I3300 and portable terminals I7700 and I7770 as well as countertop solutions I5100.
James McDonald, head of point of interaction at Barclaycard Merchant Services, comments: "Over a twelve month period we evaluated all of the world’s top payment terminal suppliers to source each part of our new product portfolio. In our view Ingenico are currently industry leaders and competed successfully on each product opportunity and have been chosen to source our new PDQ Point Of Sale portfolio."
The UK banking industry is preparing for a national migration away from mag-stripe signature-based systems at the point-of-sale to PIN-based authentication using chip cards in an effort to stamp down on counterfeit card fraud.