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Monday August 30, 09:13
UK cardholders to have PIN-secured cards
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e-realtor.org
FashionGates.com
(by M.Riley)
36 million out of 42 million UK cardholders are anticipated to have PIN-secured cards by the end of 2004, specialists say. It is much more than 10.5 million according to March 2004 data.
Due to The Chip and PIN Programme’s August Barometer for EMV migration, 25 million UK cardholders will have around 50 million chip and PIN cards issued. By the end of 2004 80% of the 550,000 POS terminals at small and mid-size retailers are expected to be EMV ready, though they are skeptical about chip and PIN.
Despite UK credit card fraud dropped in 2003 firstly since 1994, falling 5% to GBP 404.4 million in 2003 against GBP 424.6 million in 2002, identity fraud will rise, analysts say. UK card fraud comprises 70% of the one in the whole Europe, a very high rate. Issuers will pay GBP 800 million for chip cards in 2005.
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