29 March 2017
Visit EBAday.com

Security scares to drive PINs at point-of-sale

15 April 2004  |  4630 views  |  0 cash_1

Consumer awareness of identity theft and card security fears are set to drive the adoption of PINs at the point-of-sale, according to two separate research reports into payment trends in the UK and US markets.

In the UK, research from MasterCard - conducted by TNS among 1086 adults - forecasts a surge in plastic debit payments following the nationwide roll-out of chip and PIN at the check-out.

The switch from signature-based payments to PIN-based data entry will encourage one-in-three people to carry less cash than they do now, says MasterCard, as shoppers opt for the security and convenience of plastic payments.

Paul Lucraft, general manager business services Northern Europe, MasterCard says: "It seems that peoples’ wallets and purses will soon be a lot slimmer as shoppers who say they will pay by cash less frequently plan to carry around 42% less in notes and coins."

Of those surveyed, 41% stated that they would pay using their debit card more often following the roll out of chip and PIN. MasterCard’s findings also show that three million people who currently don’t have a credit card will apply for one once chip and PIN cards are in place. This is due to the extra level of security that will be offered by the new cards.

In the US market, a seperate study by Dove Consulting and the American Bankers Association suggests that PIN debit will overtake signature debit within the next five years as the cost of PIN pads fall and consumers switch to safer ways to pay.

Debit cards were used for 31% of payments in the US in 2003, while cash and cheques accounted for 47% of payments, compared to respective figures of 21% and 60% in 1999.
KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Plastic spending hits new high

Plastic spending hits new high

11 February 2004  |  4311 views  |  0 comments
Nyce files debit routing lawsuit against Concord

Nyce files debit routing lawsuit against Concord

23 January 2004  |  3490 views  |  0 comments
MasterCard and eFunds form debit processing alliance

MasterCard and eFunds form debit processing alliance

16 December 2003  |  4971 views  |  0 comments
Switch migrates payments processing to MasterCard

Switch migrates payments processing to MasterCard

04 December 2003  |  3345 views  |  0 comments
Wal-Mart drops MasterCard signature debit cards

Wal-Mart drops MasterCard signature debit cards

03 December 2003  |  4267 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
12451 views comments | 50 tweets | 31 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
11882 views comments | 33 tweets | 45 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8460 views 0 | 16 tweets | 4 linkedin
UK to roll out image-based cheque clearing systemUK to roll out image-based cheque clearing...
6877 views comments | 20 tweets | 43 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job