Select a page

Banking News

Pen/PIN starts today

Pen/PIN starts today

(4 June 2008 – Australia) From today Australian consumers will have the choice of using a PIN instead of signing to verify credit and debit card transactions. The initiative to expand the authentication process to include PIN (Personal Identification Number) is a collaborative effort by card schemes, financial institutions and merchants.

The scheme, coined the ‘PEN or PIN’ initiative is expected to speed up transaction times at point of sale. It will also help bring Australia up to speed with countries across the world.

Most American Express, Diners Club, MasterCard and VISA card holders across Australia will have the choice of a faster way to authorise their credit card transactions, using a (PIN) at point of sale.

Chris Clark, Visa’s general manager for Australia, New Zealand and South Pacific said that the option to use a PIN will benefit merchants and cardholders, particularly in locations where speed is important, such as supermarkets and petrol retailers.

Mr Clark said the majority of point of sale terminals in Australia had been modified to enable PIN acceptance. CBA recently announced that all of their facilities had been upgraded for the change.

Clark also commented that VISA expects cardholders will take up the option to use PIN because of the added speed and convenience it offers.
East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.