An article relating to this blog post on Finextra:
Visa steps up Australia chip and PIN migration
Visa has outlined plans to accelerate Australia's migration to chip and PIN card technology as part of a five year programme to improve payment system security in the country.
See article
Despite chip and pin and its promise to secure card transactions, what makes the PEN still mightier than the PIN? The answer has something to do with interchange fees and security (zero liability for cardholders).
Banks earn more when their cardholders use their cards with the PEN (signature) or when their cardholders use their debit cards as credit cards (by hitting the credit button in a POS).
Card schemes promise zero liability to cardholders except for cards issued outside of the U.S. or if a PIN is used as the cardholder verification method for the unauthorized transaction(s). This then makes the PEN mightier than the PIN. Are you now sufficiently
confused? Well, I hope confused enough to start a healthy discussion thread...