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 are the benefits?

• Card fraud will reduce significantly

• A validated EMV chip and PIN transaction is guaranteed payment by the bank

• Charge backs and the associated administrative costs will be minimised

• PIN checking is computerised and the risks of human error associated with signature checking are eliminated

• The overall transaction process for chip and PIN payment is less timing consuming than for signature so customers need spend less time at the till

• It should no longer be necessary to store signed copies of card vouchers for many years

• 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.

• Chip based technology is ubiquitous and can be used for other application such as e-couponing, e-purse and e-loyalty

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