Chip and PIN is a way customers can pay for goods and services by card. It was first introduced in the UK in 2006, to tackle rising levels of fraud on lost and stolen credit and debit cards. The service is now in use in various countries around the world.
Types of chip and PIN machines
There are a few different types of chip and PIN machine. As well as the chip reader and keypad, most modern machines have inbuilt contactless payment functionality too.
Countertop machines stay in one spot all the time. They’re often used in large high street chains.
Portable machines can detach from their dock temporarily. Restaurants use these to take card payments at the table.
Mobile machines are able to accept payments anywhere there is 3G or wifi. Some readers, like Zettle’s, can be used for 8 hours without recharging. They’re ideal for taxi drivers, market stallholders or popup stands. They’re the most versatile of all the options, and suitable for everyone.
The future of payments
Chip and PIN ushered in a new generation of payments. Now sales could be processed anywhere, using tablets instead of tills, or even at unattended checkout points. Chip and PIN was faster than the previous ‘swipe and sign’ method, and more secure – it’s harder to guess or steal a PIN number than it is to fake a signature. It was good news for customers and businesses alike. Since its introduction, contactless and mobile payment have been introduced using the same reliable technology.