Banks Lagging on Chip and Pin
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Retailers have been under considerable pressure to implement Chip and Pin technology by UK banks. The banks themselves however, are way behind the retail industry. According to the Association for Payment Clearing Services (APACS) over a third of UK cardholders have yet to receive Chip and Pin cards. 40 million more chip and pin enabled cards need to be sent out to meet APACS' s own target of 95% rollout across the UK. Incidentally, from January 1st 2005, the retailers became responsible for losses stemming from credit card fraud. Cynics might suggest that is why the banks are not so anxious as the retailers to implement the change. An APACS spokeswoman said "By the end of this year we hope to have 95% of all credit and debit cards enabled. We are still in the early stages of the project." Further, APACS argue that banks had underestimated the scale of the change, but were still committed. Retailers through the British Retail Consortium blandly countered with, "The number of customers using chip and pin will increase and the number of retailers implementing the technology will continue to increase."
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