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.
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
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.
From February 14, customers with chip and PIN
-enabled cards will no longer be able to sign for purchases, except those whose cards have yet to be upgraded to chip and PIN
and disabled shoppers who pay using a chip and signature card.