Cartel body warns banks on PIN system

Banks would be breaking competition legislation if they work together to eradicate the current Dutch system of paying by PIN card, the anti-cartel body NMA said on Thursday.

The banks say the introduction of a single European payment market from 2010 means the PIN system will disappear.
ING has already indicated that its bank cards will only be suitable for payments using the V-Pay system from Visa and Mastercard’s Maestro, the NRC reports.
According to the PIN system’s owner Currence, the number of PIN transactions rose 9.5% last year.

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