Walmart Wants Chip and PIN

Retailers to Banks: Give Us Chip and PIN, Electronic ChecksBy Penny Crosman - Bank Systems & Technology

Executives at three of the largest payment generating retailers — Walmart, Best Buy and T-Mobile — were on hand at the NACHA Payments conference this week to tell bankers what they want and the trends they see on the horizon.



One thing Walmart wants is chip and PIN cards, in other words debit cards with a computer chip (rather than a magnetic stripe) embedded in them containing cardholder information.

"Later this year, we'll accept one chip and  PIN program if not two  in the U.S.," said Mike Cook, vice president, finance and assistant treasurer at Walmart. "Walmart stores already have the hardware to accept chip and PIN. Chip and PIN may not work for a particular bank, but it works for us."  PIN debit is Walmart's most-used payment product; signature-based credit cards are the store chain's biggest area of fraud.  Continue Reading

Whether the good ole' U.S. of A. decides to got the route of Chip and PIN or not, the rest of the world has already gone there.  Above is a video of what we believe is the world's first Chip and PIN Card reader designed specifically for eCommerce and mCommerce use.  It was developed by our CTO, Ben Lo and our sister company, BBPOS and is currently going through the certification process.



In the meantime, here is some more information on the BBPOS Chip and PIN Card Reader...