UK grocer Safeway said today [Tuesday] it will launch the PIN card payment system in its 500 stores by the end of this year.
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The payment system, which has been popular in stores on the European mainland for years, offers customers the chance to pay by tapping in a secret PIN [personal identification number] code to validate their payment instead of signing a credit card chitty. The security of transactions performed using this method is greater than that of transactions carried out with a signature.
Safeway said it is implementing the PIN method to try to counteract fraud and reduce administration costs. The British banks and retail industry, represented by the Association for Payment Clearing Services (APACS) and the British Retail Consortium have agreed that by 2005 all in-store credit and debit card transactions will need to be authorised by a customer keying in a personal identification number (PIN), reports Reuters.
In order to implement the system, all credit cards with a magnetic stripe will be replaced by one with a chip.
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