Australia: Credit Cards Should Go Chip and PIN

The Sydney Morning Herald reports on a review by the Australian House of Representatives, Standing Committee on Economics, Finance and Public Administration, of the Reserve Bank of Australia and Payments System Board Annual Reports 2005 which includes recommendations that the payments industry in Australia consider implementing "PIN authorisations for credit cards, online functionalities for EFTPOS cards and chip technology for all cards." The committee also reviewed the Reserve Bank of Australia's actions regarding interchange fees and concluded "that the benefits of the reform, at this point, outweigh any alleged disadvantages." The full committee report (PDF) is available online.