What is Chip and PIN?
Why must I change?
What is the Impact?
What are the benefits?
What steps must I take?
How can I minimise the cost?

What is the Impact?

Changing to chip and pin is an enormous task involving large scale technical changes, training for the 1.5 million retail staff and education for the 42 million card holders. It is estimated that the total cost of implementing the chip and pin system will be approximately £1.1 billion.

It is not just the cards themselves that need to be changed. All retailer integrated payment systems and stand-alone terminals, cash dispensers and customer activated terminals - which includes kiosks, ticketing machines and outside payment terminals - need to be upgraded to accept chip cards and provide a PIN pad. All the banking systems need to be upgraded to process the new EMV chip information and manage cardholder PIN changes. Rigorous new processes of certification [see: what is EMV?] for all new cards and terminals ensure compatibility and operability across the globe.

The integral security of the cardholder entering their own PIN creates new possibilities for cardholder activated terminals (CAT). Traditional kiosks and ticketing machines can start to offer higher value items. New payment channels over the Internet and TV set top box will emerge. Self-scanning and payment can become a reality in the supermarkets.

See also:

why must I change?
what steps must I take?
what must the banks do?

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