Visa has announced that in four years all credit cards issued in New Zealand with a magnetic strip will be replaced by contactless chip cards and EMV, according to The Timaru Herald.
Visa made the announcement in light of a 20% increase in credit card fraud over the last few years, predominantly in Internet transactions.
According to The Timaru Herald, the introduction of chip cards in Britain in 2006 caused a 35% reduction in fraud losses.
As of now, about 80% of payment terminals accept chip cards, but all retailers are expected to upgrade their terminals by next July in preparation for the Rugby World Cup.
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