By Patrick Avenell

SYDNEY: The big banks, in association with the four major credit cards, announced today the PEN or PIN, a scheme that seeks to make credit card payment safer and easier for both the retailer and the consumer. Previously, a credit card payment could only be authorised by signing a receipt. From today onwards, customers can elect to authorise their purchased by entering in a code, similar to when paying via EFTpos. PEN or PIN project manager Simon Greig was very enthusiastic in appraisal of the innovation. “[This will] speed up transaction times and make the entire process of paying in person more efficient for everyone involved,” said Greig.