Be 'PIN ready': Matt Kean

Hornsby MP Matt Kean is reminding businesses to be ‘‘PIN ready’’ in the lead-up to changes to credit and debit card transactions.

From August 1 all transactions made in person with Australian-issued credit and debit cards will require a PIN to complete the transaction as signatures will no longer be accepted.

There will be no change to contactless or online transactions, and signatures from overseas visitors will still be accepted.

Small business operators unsure if they are PIN ready should contact their bank or financial institution.

If customers do not have a PIN, the credit card providers will decline all incoming transactions, with the following exceptions only: 

■ Card not presented for transactions;

■ Transactions initiated overseas;

■ Contactless transactions, like Pay Pass and Pay Wave – currently $100 limit; and

■ Transactions at unattended terminals.

Details: http://pinwise.com.au/.

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