Chip and PIN in Iceland

In 2011, consumers in Iceland will begin to verify payment card transactions with their PIN rather than signature, as in neighbour countries. This site contains information and guidelines for consumers, merchants and media regard this change in card payments.

For cardholders
In 2011, businesses will install payment terminals that front customers. You no longer need to hand over the card when paying as sales personnel ask you to verify your payment with your PIN rather than your signature. The amount to pay is displayed on the payment terminal; you then put your debit or credit card into the terminal and enter the PIN to verify the transaction. You will continue to get a customer receipt.

Your PIN contains four digits that you should protect and remember. The Icelandic work for PIN-number is pinni, “sláðu inn pinnið” means “please enter your PIN”. If your chip-based card is stolen it is not possible to use it at outlets that require cardholders PIN verification. Don’t keep your PIN on note in your wallet.
Remember your PIN – that is saver and faster.

For merchants
In 2011, businesses will install payment terminals that front customers. You no longer need to hand over the card when paying as sales personnel ask you to verify your payment with your PIN rather than your signature. The amount to pay is displayed on the payment terminal; you then put your debit or credit card into the terminal and enter the PIN to verify the transaction. You will continue to get a customer receipt.

About the project
The project Pinnið á minnið (English transaction remember the PIN) is a joint effort by acquirers and related payment system market participants in Iceland. Icelandic Competition authorities (CA) have set forth a publicdecision in the form of settlement between Fjölgreiðslumiðlun hf. (FGM) and the CA regarding this project. See CA’s decision no. 18/2010 named Fjölgreiðslumiðlun hf., (company responsible for the EFTPOS system in Iceland) granted an exemption to lay out and control the migration to EMV in Iceland. The decision is in Icelandic.