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In the UK, migration to EMV is a minor revolution
for cardholders.
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According to APACS (Association for Payment Clearing Services), bankcards
are the most frequently used form of payment in the United Kingdom
with over 147 million cards in circulation. Around 90% of
the population aged over 18 has one or more cards. In 2002,
the number of card transactions was 7.1 billion (up 8%)
for a total value of 376 billion pounds.
The United Kingdom is playing a pioneering role in the migration to
EMV, as the first EMV cards were issued there in 1996. EMV is
a vast project for the entire banking profession, as over 100 million
smart debit and credit cards will be issued, and 750,000 sales
outlets and over 40,000 ATMs will have to be adapted at a total
cost of 1.1 billion pounds.
The introduction of the PIN is one of the key stages in this migration
and is a minor revolution in the card payment system in the United
Kingdom. Chip card holders will be able to identify themselves when
making a transaction by typing in their PIN on retailers' payment terminals.
Once the rollout is complete, this authentication system should considerably
cut fraud which cost British banks and retailers over 400 million
pounds in 2002. |
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