Nety: So can anyone confirm if at this stage it is only Visa with chips? I just got a replacement mastercard and that still does not have a chip.
sbiddle: Chip + PIN has also been compulsary in the UK since 2006.
Bank credit card security in this part of the world is very very lax - I even know of people travelling around Europe who have had credit cards declined because they don't have chip cards. Merchants simply won't accept them due to their perceived fraud risk.
sbiddle: One of the biggest changes here will bo in restaurants and cafes. Despit the security risks it's still very common for people to leave their credit card with their bill and for staff to swipe this and bring back their receipt to sign.
With chip cards this can't work any longer. The customer either has to go to the counter and pay or as many as happening with quite a few bars or cafes now they can invest in WiFi or cellular terminals that are portable.
The transaction takes twice as long to process when you have to insert the card too which i find strange!
New Zealand is behind because there hasn't been as much of a need - we have much lower credit card fraud than most other countries. Malaysia was especially bad so they had no choice, leading the way with chip cards about 4 years ago.
Have to laugh one time when I was with my father a few years ago - he has actually scribbled out the signature panel on his c/c because he thinks it's ridiculous form of security and will only use his PIN - my mother thought he couldn't reach the key pad so helpfully pressed the 'ok' to sign button rather than PIN - so he had to sign, and he just recreated the scribble. Accepted. Hilarious.