chip and PIN


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chip and PIN

n
1. (Electronics)
a. a system for processing credit cards requiring the customer to enter a unique identification number instead of a signature to authorize a payment
b. (as modifier): chip and PIN transactions.
2. (Commerce)
a. a system for processing credit cards requiring the customer to enter a unique identification number instead of a signature to authorize a payment
b. (as modifier): chip and PIN transactions.
[C21: chip (sense 8) + PIN]
References in periodicals archive ?
In 2006, after almost eight years of trials, testing and card roll-outs, chip and pin became a permanent fixture to pay for your purchases.
Since the official changeover to chip and pin on February 14 2006, financial institutions have seen levels of card fraud slump and queues shorten at tills, according to reports.
A survey of 1,600 people found that although the majority welcomed the introduction of chip and PIN, 63% said they were conscious of people watching them enter their PIN while they paid for goods.
More than 150 Chip and PIN card transactions are now carried out every second.
From February 14, 2006, consumers with the new-style chip and PIN cards will have to use their PIN to verify a purchase - and may not be given the option of signing a receipt instead.
From February 14, 2006, consumers with the new-style Chip and Pin cards will have to use their Pin to verify a purchase, and they may not be given the option of signing a receipt instead.
6m chip and pin cards have now been issued to 36m-plus customers.
Small retailers may be liable for fraudulent credit card payment in their stores if they do not have Chip and PIN technology installed by January 1, 2005.
This summer, the Chip and PIN Programme has issued some easy to follow advice to make sure our holidays are as hassle-free as possible.
bank-issued credit and debit cards, which typically do not have a chip but instead use a magnetic stripe and cardholder signature, will work with the new Chip and PIN systems.
Since the formal roll-out of chip and PIN in the UK on 14 February, consumers now use their PIN in 99.
Welsh shopkeepers have warned that the move to the chip and PIN system of card payment tomorrow could cause chaos for shoppers.