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Australian cardholders to PIN at point-of-sale from 1 August 2014
The Industry Security Initiative, a collective
of Australia’s major financial institutions and
card schemes, announced, on 22 January, that
PIN will become the main form of card payment
authorisation in Australia from 1 August 2014.
The industry-wide move to expand PIN
at point-of-sale (POS) and phase-out the
signature as a form of verification on Australian
credit and debit cards will take place over
a short transition period from 1 August, as
POS terminals migrate to new software.
However, Australian cardholders will need
to know their PIN by 1 August, as they could
transact at an upgraded PIN only terminal
at a retailer any time from that date.
The move to PIN is about strengthening payment
security across Australia and it takes advantage of
the ‘chip’ technology on Australian payment cards.
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.
There will be no change to contactless or online
transactions and for visitors from overseas,
signature still be a valid form of authorisation.
Russell Zimmerman, Executive Director at the
Australian Retailers Association, believes the move
is a positive step for the retailer community.
“ Wh ile the switch may take a little adjustment
at first, this is an update to Australia’s payment
technology that will make transactions safer.
“ Business owners, merchants, retailers, and the like
should embrace this change as it’s about reducing
fraud, thus saving time and money,” says Zimmerman.
“ Restaurants, pubs, and cafes are among the those
who will be most likely to notice the change, given
they typically use a pay-at-table system. In some
cases, these retailers may need to upgrade to mobile
terminals to continue receiving payment in a normal
manner, and of course, tipping will still be supported.
“ Wh ile the financial institutions will be communicating
the change to their customers, those businesses
who may require new technology should
proactively speak to their terminal provider
about upgrading their equipment to ensure that
they’re ready for increased PIN use by August.”
The move to PIN is supported by the
PINwise campaign which aims to
provide a smooth transition for all.
PINwise spokesperson and Founder
of TheMoneyMentorWay.com, Nicole
Pedersen-McKinnon, says sales staff should start
encouraging customers to use PIN as soon as possible.
“ The Industry Security Initiative is working with
associations across a number of industries to ensure
the move to embrace PIN goes smoothly. This
includes an education campaign highlighting the
change and the actions that need to take place prior
to August 2014 to ensure a well-managed transition.
“ It’s important that all Australians prepare for this
change by embracing and encouraging PIN use from
today. Retailers should ask their customer facing
staff to encourage PIN use, as this will help everyone
adopt the new process,” says Pedersen-McKinnon.
Consumers and businesses alike play an important
role in spreading the PINwise message and educating
the community. Sharing the message will help
cement the idea that now is the time to get PINwise.
More information about the transition can be found
at http://ww w.pinwise.com.au/merchant.html
...businesses who may require
new technology should proactively
speak to their terminal provider about
upgrading their equipment to ensure
that they’re ready for increased PIN
use by August
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