Brits happy with credit card payment system

Friday, January 20, 2006

British shoppers are on the whole happy with the chip and pin debit and credit card payment system that is to become the standard as of February 14th this year.

New research from Alliance and Leicester has found that 86 per cent of Britons are regular users of the credit card payment technology and are happy doing so.

In just over a year, this figure has risen by 28 per cent, from 25 million in December 2004 to the more recent figure of 38 million happy using chip and pin to pay by credit card.

"A year on from chip and pin the overwhelming majority of consumers are comfortable with using the system, and recognise the benefits it has brought in terms of fraud reduction," said Simon Ripton, current account manager at Alliance and Leicester.

"But it isn't just the security benefits, 52 per cent also say that chip and pin has speeded up transactions – which has to beneficial to consumers and retailers alike."

However, the new technology does come with its drawbacks for some people. As many as 55 per cent of people feel there is a chance that someone could 'shoulder surf' and read their pin number over their shoulder as they pay by credit card.

Find credit card offers here:
http://www.europinions-finance.co.uk/credit-cards/credit-cards/
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