The Chip and PIN Programme has reported that it reached all its 2004 rollout targets for upgrading cardholders and businesses to chip and PIN.
Chip and PIN is a new system designed for greater security when using cards to pay for goods. The system involves entering a personal four digit pin instead of signing a piece of paper, which could be forged.
Since rollout began in October 2003, over 76.8 million chip and PIN cards have been issued to more than 36 million cardholders. More than three quarters of cardholders in the UK now have one or more chip and PIN cards in their possession. Businesses now operate 636,000 upgraded tills, with UK companies processing on average 45 chip and PIN transactions every second.
However, only 45% of users questioned by the Programme stated that they were already using chip and PIN for all or most of their card payments and according to research from software company Retail Logic, quoted by Finextra.com, less than half of UK retailers are using the system.
User uptake may improve in 2005 as rollout for the remaining credit and debit cards will be completed and more businesses will upgrade their equipment.
Sandra Quinn of the Chip and PIN Programme, commented: We are delighted to have reached our 2004 targets for issuance of cards and upgrading of tills. This is a huge program and has seen an unprecedented level of joint-working by retailers and banks.
We are also delighted that our rollout figures are supported by our latest consumer research that shows that more and more cardholders are now expecting to use chip and PIN on a daily basis and are welcoming the more secure way to pay with cards. It is clear that using PINs is now becoming a way of life for everyone across the UK.