Are you wondering, what’s better, pen or pin? This is a question that many people are now wondering about. PIN numbers have been introduced quite recently. Although previously it was more common to just sign for a credit card purchase, the use of PIN numbers has been growing in popularity.
Of course when considering what’s better, pen or pin, it is important to take into consideration what you are trying to achieve. Obviously, if you are trying to withdraw money from an ATM, there is no option to sign!
What is a PIN?
A PIN stands for Personal Identification Number. A PIN is basically a 4-digit security code that is linked with each credit card. You are able to choose your own PIN number. The PIN will give users access to the card, so it is very important to not share this number with anybody else.
What’s better, pen or pin?
When considering what’s better, pen or pin, you must bear in mind that banks prefer that customers use the PIN number. Using the PIN number is more convenient for both the merchant and the cardholder because it is quicker to complete a transaction by using the PIN number. For instance, how many times have you had difficulty signing for your purchases because the merchant’s pen had almost run out? The option to use a PIN is bringing Australia in line with international best practices. There are some overseas merchants who will only use PIN numbers for credit card purchases. The PIN is widely popular in the UK and in Europe.
In terms of security concerns, it is possible for any thief to forge a signature. However, it is impossible to use someone else’s card with the PIN unless you know the number. This is why it is important to never share your credit card PIN with anyone. You should also never write down the PIN anywhere. If, for example, you write down the PIN on a piece of paper and keep that paper in your handbag, anyone who steals your handbag and wallet will be able to find out and use your PIN.
Of course, if there is the option to sign for purchases as well as enter the PIN, a thief will be able to use your credit card and will not worry about the PIN or pen question. This is why the major financial institutions in Australia are joining together to implement a PIN-only system of transactions. They are collaborating with retailers and service providers to implement the use of PIN-only purchase systems.
