Round Up: Signing off and PINning in from 1 August; Ten trends for the 2014
The days of fashionably squiggling an illegible signature to complete a purchase are numbered — 190 to be precise — with signing for credit card and debit card purchases being phased out by 30 July 2014.
The following day, 1 August 2014, will see only PIN numbers as a way of authorising purchases. To facilitate this change, 800,000 payment terminals nationwide will need to be updated.
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There will be one exception to this change: overseas visitors will still be able to authorise payment through signing, otherwise many retailers would have no way of processing sales in some instances.
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“The move to PIN is about strengthening payment security across Australia and it takes advantage of the chip technology on Australian payment cards,” said a spokesperson for PINwise, the industry organisation that has advocated for this change.
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“Starting with some of the nation’s largest merchants, the move will gradually see all of Australia’s 800,000 merchant payment terminals undergo a software update to require PIN at the point of sale. For most, these costs will be covered by the terminal’s provider.” Retail Biz – Read more…
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