Credit Card News Most Consumers Now Have Chip And Pin Cards 3274844

Most consumers now have chip and pin cards

24 August 2004
More than half of the UK’s 42 million credit card holders have now been issued with chip and pin cards, according to the latest figures.

The new technology will see consumers punch in a four-figure personal identification number instead of signing for goods. The technology is already used in France – where its introduction saw credit card fraud drop by 80 per cent.

Credit card companies in the UK have issued more than 50 million new cards to 25 million customers.

Figures from the Chip-and-PIN Programme suggest that the roll out is well on target.

“Everyday more shops are switching on and cards are being issued so the number of people who may well be asked for a PIN perhaps for the very first time is higher than ever,” said spokesperson Sarah Quinn.

A number of leading stores including Safeway, Asda, Dixon and Tesco have already made the switchover at their tills.

The scheme was first launched in the UK in October last year.
© DeHavilland Information Services plc

Written by Editorial Team