New Zealand shoppers with Visa credit cards will soon have to
abandon the practice of signing for purchases, and will have
to enter a PIN to verify their transactions.
Visa will be phasing out signed receipts in place of
mandatory personal identification numbers (PINs) from October
"The move to PIN is aimed at reducing lost and stolen card
fraud," said Caroline Ada, Visa's New Zealand country
The company believes the move will help tackle fraud because
it is more difficult to replicate smart chips and PINs than
magnetic strips and signatures.
More than 90 per cent of Visa transactions already used PINs,
and cardholders were being encouraged to move away from
signing, Ms Ada said.
Visa, Mastercard and other credit card companies have been
pushing to get a higher percentage of credit card sales
verified by PIN in Australia.
Their view is that it is easy to forge signatures, and sales
staff do not always double-check signatures at the time of
The changes come at the same time as new technology is being
introduced to make payments faster and easier.
Visa and Mastercard have both now issued cards which enable
shoppers to buy up to $80 worth of goods on a credit card
without having to sign or use a PIN.
There are now nearly 10,000 'wave and go' terminals
nationwide including at BP, Countdown, Kmart, Farmers,
Hallensteins, Glassons, Bunnings and The Warehouse.
- By nzherald.co.nz