A massive debate rages on the topic of PIN. In reality, it is the one standard that is universally accepted by every bank on the planet – with some exceptions in the USA.

All customers and merchants accept and understand it and, for the most part, remember their card PIN.

The emergence of Contactless Payment

The question arises with the new contactless payment technology. To Pin or not to PIN?

The one motivation for contactless is speed of payment and not having to enter a PIN certainly meets this criteria. BUT – at what cost and who carries the risk?

If I as the consumer was given a choice by my bank as to having PIN or not, my first question would be around who carries the risk if my card is lost or stolen and is used up to its limit at multiple outlets. If I am to carry the risk – my undoubted response will be to have a PIN. Not a difficult decision. 

Final thoughts 

I guess it does depend on the markets in which you operate. It may be that a small select number of markets are less prone to crime than others.

My experience in talking to customers is that having to put in their PIN gives them an added sense of security. With the E-commerce market being worth $3,5 trillion dollars in 2021, one thing that is certain is that the fraudsters and cyber criminals will be working overtime.

Can you afford to take the chance of not having PIN – not a barrier to usage but a known deterrent of crime?

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