Visa has announced that over the next four years it will completely transition over to chip and PIN technology for all its credit card transactions, in a move to stamp out credit card fraud at the retail level.
According to Visa, by 2013 all Australian credit cards will no longer accept signature authentication and will solely feature chip and PIN technology.
Peak retail industry body the Australian Retailers Association, has applauded the decision and the company’s executive director Russel Zimmerman discussed the implications this will have for the retail sector.
“Chip and PIN credit card technology goes a long way to help reduce credit card fraud,” he said.
“Visa’s decision should give consumers peace of mind at the checkout as well as allowing retailers to provide their customers with faster transactions.”
Zimmerman was very pleased with Visa’s decision and is pushing its competitors to go in the same direction.
“The Australian Retailers Association congratulates Visa in their move to no longer accept signatures for credit card payments from 2013 and urges MasterCard to follow suit,” he said.