The Chip and PIN Programme has announced a successful start to the New Year period for both retailers and consumers.
Over the bank holiday weekend more than 12 million transactions were verified with a PIN, equating to more than 45 transactions every second across the country.
Now eight out of ten retailers have upgraded their tills so that they are able to accept both chip and PIN and existing signature cards.
Paul Smith, director of retail services at the British Retail Consortium, said: “We are delighted that the first weekend of 2005 has been a great success. Cardholders and retailers continue to find the technology easy to use and cardholders are increasingly happy to enter their PIN.”
Smith went on to say that there is still the possibility that some retailers may not be aware that they can still accept signatures without being liable for fraud.
“Should this happen to any consumer we would urge them to speak to their card issuer or let us know on www.chipandpin.co.uk and we will try to help them in any way.”
Some retailers have reported they have noticed shorter queuing times as cardholders get used to using the new system.
Nick Mourant, group treasurer at Tesco, said: “Contrary to media reports we found that thousands of cardholders users their PIN every hour with no problem.
“Around 50 million chip and PIN cards have yet to be upgraded and for those customers and others that have forgotten their PIN they are continuing to sign as they have done so in the past.”
Over the bank holiday weekend more than 12 million transactions were verified with a PIN, equating to more than 45 transactions every second across the country.
Now eight out of ten retailers have upgraded their tills so that they are able to accept both chip and PIN and existing signature cards.
Paul Smith, director of retail services at the British Retail Consortium, said: “We are delighted that the first weekend of 2005 has been a great success. Cardholders and retailers continue to find the technology easy to use and cardholders are increasingly happy to enter their PIN.”
Smith went on to say that there is still the possibility that some retailers may not be aware that they can still accept signatures without being liable for fraud.
“Should this happen to any consumer we would urge them to speak to their card issuer or let us know on www.chipandpin.co.uk and we will try to help them in any way.”
Some retailers have reported they have noticed shorter queuing times as cardholders get used to using the new system.
Nick Mourant, group treasurer at Tesco, said: “Contrary to media reports we found that thousands of cardholders users their PIN every hour with no problem.
“Around 50 million chip and PIN cards have yet to be upgraded and for those customers and others that have forgotten their PIN they are continuing to sign as they have done so in the past.”
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