Chip and Pin Transactions Reach More Than 150 Per Second

Posted by Peter Brady on Mon 11th September 2006 at 01:27 PM, Filed in Fraud

Phenomenal growth in chip and pin is believed to be bearing fruit in terms of reduced fraud. Of course criminals are developing new and more elaborate ways of stealing cash from cards.

Nonetheless, the irrepressible nature of the chip and pin transformation is gathering a pace with more than 150 chip and PIN card transactions carried out every second.

According to 24dash.com:

“This compares to 125 PIN-verified card payments per second six months ago and 85 per second a year ago, UK payments association APACS said.

Since the formal roll-out of chip and PIN in the UK on 14 February, consumers now use their PIN in 99.8% of all chip and PIN card transactions.

This has led to a £60 million reduction in counterfeit and fraud on lost and stolen cards since 2004.

Retailers have also reported that queuing times have decreased since the introduction of the technology.

Banks and credit card companies have now issued 130 million chip and PIN cards, making up 92% of the 141 million cards currently in circulation.

This represents a two million increase over the last six months and a rise of 23 million since the end of June 2005.

In shops, 87% of tills in the UK are now equipped to deal with chip and PIN technology.”

Copyright Press Association 2006

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