From 4 June 2008, most American Express, Diners Club, MasterCard and Visa cardholders will have the choice to use a Personal Identification Number (PIN) to authorise transactions when using these cards in person.
Why is this being introduced?
The option to use PIN to authorise transactions at point of sale is being introduced to provide a convenient alternative for cardholders.
The use of PIN, in most cases, will result in a faster process when purchasing goods or services in a face-to-face environment.
Its introduction is designed to make things quicker and easier at point of sale, and to bring Australia more into line with many countries overseas where PIN is already accepted to authorise card transactions.
Who is involved?
The introduction of PIN on these cards follows an industry-wide collaboration involving all major banks, financial institutions and card schemes operating in Australia.
When will it be available?
From 4 June 2008, most participating shops and service providers will be able to accept PIN as an alternative to signature to authorise payments.
This function will be available to card holders who have a PIN with their card. Should cardholders be unsure whether their card can have a PIN, they should be directed to contact their financial institution.
Will all retail outlets and service providers offer this service?
PIN authorisation of American Express, Diners Club, MasterCard and Visa card transactions will be available at most retailers and service providers who currently accept these cards, from 4 June 2008.
Will it be mandatory to use a PIN?
No. Cardholders who prefer to authorise transactions by signing will still be able to do so.
Where can I find more information about PEN or PIN?
Specific questions about whether this service is available at a particular retail outlet or service provider should be directed to the relevant financial institution that provided the point of sale terminal.
From early May further information can also be found on the PEN or PIN website at www.penorpin.com.au
