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THE new era of PIN-only credit card transactions kicked off today, but eftpos CEO Bruce Mansfield says retailers have 38 million reasons not to worry about the transition.
Mansfield says while some consumers may not remember their new credit card PIN numbers, they almost certainly will recall their eftpos card PIN number.
Mansfield says there are 38 million eftpos-enabled cards in the Australian market, including 14 million eftpos-only cards.
Despite the focus on changes to credit cards, Mansfield says cheque and savings payments through eftpos are the most common types of payments in the country.
“Don’t panic about the switch to PIN,” Mansfield says.
“While there may be some issues with PINs on credit cards and scheme debit on Friday, most consumers are very familiar with their eftpos PIN, which is the same as their ATM PIN.
“Eftpos has insisted on PIN security since the network was first introduced almost 30 years ago as a simple, secure way for customers to access their own money at the checkout.
“We are still the most used card in this country and our PIN security is something that many consumers value.
“If retailers come up against any problems, they should just ask if the customer has an eftpos card, or any other card that supports eftpos cheque or savings transactions.
“The chances are they will remember their PIN and be able to make the transaction.
“We are looking at ways to encourage tipping at restaurants and cafes, and some new terminals now include a tipping option.”
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