Chip and PIN credit card goes nationwide

The new chip and PIN credit card system is set to be introduced across the country, following successful trials in Northampton.

The system involves the use of a card which is embedded with a microchip. Cardholders will key in a 4-digit PIN number whenever they wish to make a purchase.

This will rule out the need to sign a receipt, and cards will remain in the sight of customers at all times.

The chip and PIN is expected to reduce credit card fraud by up to 70%.

The system will be introduced across the UK over the coming two years, at an estimated cost of £1bn.