Standard Bank Chip based card from June...

[MielieSpoor]

Sorry, can't give a link. This was published on the intranet.

04 May 2007

Chips on the cards

Standard Bank will be adding “chip and PIN” cards to its range of credit cards from June. All credit cards embedded with this technology will require a PIN to transact at a point-of- sale.

Standard Bank, in close co-operation with the South African Reserve Bank and the local banking industry, has since the late 1990s been working to introduce “Chip and PIN” (EMV) cards to the South African market. EMV is the acronym for Europay, MasterCard and Visa, which is the international standard for using chip technology when doing card purchases.

The importance of using this common standard enables customers to use their chip and PIN cards at all point of sale devices, ensuring inter-operability and a consistent customer experience. Most local banks are now chip and PIN ready. Standard Bank is committed to the successful and timely introduction of this new and convenient card technology.

Doug Walker, Director of Card at Standard Bank, says: “Standard Bank has been at the forefront of chip and PIN cards right from the outset. These cards present a further leap forward in customer convenience, choice, product options and security.”

Standard Bank credit card customers will have increased peace of mind, knowing that a PIN is required when purchasing. They will have to key in the PIN at the point of purchase and the rest of the transaction will continue as normal. The customer may select and change the PIN at any Standard Bank ATM or branch.

It will be difficult for criminals to duplicate the secure chip on the card thereby reducing the risk of fraud. Cards also present the opportunity for new applications like instant rewards at the point of purchase as well as multiple accounts on one card, reducing the number of cards that a person may want to carry.

Walker says: “Standard Bank has worked hard to ensure that the transition to chip and PIN will be both seamless and convenient. To date our point-of-sale devices have been upgraded to accept chip and PIN cards and our ATMs are in the process of being converted. While there have been huge investments in ‘chip and PIN’ to ensure that all supporting infrastructure still operates effectively, we will not pass these costs onto our customers.”

 

[diabolus]

Standard Bank will be adding “chip and PIN” cards to its range of credit cards from June. All credit cards embedded with this technology will require a PIN to transact at a point-of- sale.

Well finally, i hope all new CCs enforce this. It's absurd that you need all kinds of pins with a debit card but companies are allowed to walk off with your CC and push transactions through as they please...[ala restaurants] .

 

[MielieSpoor]

It's absurd that you need all kinds of pins with a debit card but companies are allowed to walk off with your CC and push transactions through as they please...[ala restaurants] .

The only person that allow them to do it is you. As it is your card, you are the only one responsible for ensuring that your card is in safe hand and that it is not used for anything other than what you authorise.

But the great feature of these card is that you won't be able to swipe them if the speed point is EMV enable. If the speed point is EMV enabled, then it will tell you that the card should be swipe.

The banks (esp ABSA/FNB) has started to distribute these EMV enabled machines quite some time ago so most shops should have one buy now

 

[diabolus]

The only person that allow them to do it is you. As it is your card, you are the only one responsible for ensuring that your card is in safe hand and that it is not used for anything other than what you authorise.

True, but i've seen some restaurants/companies being pro-active and actually bringing the speed point right to your table. Pins will "force" this "service" to happen everywhere.

Sure i can walk behind the waiter or the petrol pump guy like a hawk everytime i pay at those places, but at the end of the day THEY should change how they accept payments. It should be a consideration from both parties.

 

[Freshy-ZN]

Great so now the same reason we cant use debit cards at toll plazas will mean we cant use CCs there either?