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.
The card network has set out seven key initiatives it plans to implement over the next five years, including the transfer to 100% chip card issuance earlier than it had previously planned.
The agenda also calls for all merchant terminals and ATMs in Australia to be chip-capable and the introduction of a broad rollout of PIN verification for all domestic transactions with the aim of ending the use of signatures.
In addition, Visa wants all e-commerce merchants to check the three-digit security code on the back of cards for payments and all cardholders enrolled in its online authentication system, Verified by Visa.
Visa says the initiatives will provide greater protection against fraud for cardholders, merchants and financial institutions. They will help protect against online fraud and crime resulting from lost, stolen and counterfeit cards and stolen personal information.
Visa says it will meet banks and merchants in early 2009 to develop a timetable for the implementation of its proposals.
Chris Clark, general manager, Australia, New Zealand and the South Pacific, Visa, says: "The time is now right to take advantage of new technologies and to strengthen the system in so doing. While we have a versatile, robust and secure system at present, these initiatives will make it even better."