The PINwise Industry Security Initiative has announced that PIN will become the main form of card payment authorisation in Australia from 1 August 2014. The industry-wide move to expand PIN at the point of sale (POS) and phase-out the signature as a form of verification on Australian chip credit and debit cards.
According to the PINwise Industry Security Initiative, using your PIN for credit and debit card purchases at point of sale is safer and faster than signing. There is only a one in ten thousand chance of someone guessing your PIN. Some overseas retailers only accept PIN authorisation – some overseas retailers only accept PIN to authorise credit and debit card transactions. So Australia is also moving towards replacing signature with PIN for all purchases.
Read Visa Inc.’s ‘Smart money management - the Visa Debit and Prepaid cards’ case study here. http://www.afrbiz.com.au/case-studies/visa-inc.-smart-money-management-the-visa-debit-and-prepaid-cards.html