New Credit Card system in Chile
No more worrying about falsified signatures, as of today a new system came into place regarding the use of credit cards in Chile. Now, if you want to buy something with a credit card you must have a 4-digit secret code called a PinPass. The reason for this change is to help prevent credit card fraud which is good both for the card holder and businesses.
The only other country in the world with this special system is Australia. Source (in Spanish): Las Últimas Noticias (a local newspaper).
Below I have some frequent questions about this new system in Chile:
Is it a new credit card?
No, it’s the same one you already have.
How can a get the PinPass or secret password?
Each bank has their own way of giving the code. With some you will have to get it online, with others via the ATM machine and others via a call center. Check with your local bank.
When can you start using the PinPass?
As of today (14 July 2009) some major companies will start using this system including Lider supermarkets, service stations such as Copec, Shell and Terpel as well as the SalcoBrand pharmacies. The idea is to have all of the 60,000 stores and restaurants with this new system by mid August.
How does this system work?
The moment that you buy anything with a credit card, the saleperson will ask you to confirm the amount of purchase and then to type in your PinPass number. Once the transaction has been completed, you will receive a receipt as proof of purchase (via the credit card machine).
Can I continue to use the traditional credit card system?
There will be a transition period where you will be able to purchase both with the PinPass system as well as the traditional sign the dotted line way. In about 3 months time you will only be able to purchase using the PinPass system.
Can I purchase products overseas using my secret number?
No, the only other country with this system is Australia so if you are overseas, you will continue using the traditional signature system.
Do additional cards have a different PinPass number?
Yes, if a partner or other family member has an additional card for your account, they will have their own PinPass number.
Does this have any additional cost for the user?
No, it is the same as before though now a safer way of purchasing.
My only question is what will happen to foreigners visiting the country when they make a purchase. Will they need to obtain their own PinPass number? How will they do this?
If I find out, I will let you know. If anyone else happens to know the answer, please leave a comment below.
Check out our following page for information about Money in Chile.
posted by Woodward @ 10:58 AM
3 Comments:
We've had this in the UK for a while, it's known as chip and PIN. It's been around in France for even longer, probably about 5 years. Really convenient. Hopefully it'll make paying for things in Chile more straightforward!
In Europe, if you want to pay with your credit card abroad, usually you just use your normal PIN in the same way as you would at home. Although some machines, for example at petrol stations, don't accept the system with foreign cards so you have to sign.
Thanks for the info Natalie.
The newspaper I mentioned in the article probably lied/made it up then to make it sound good! :)
The Pin number for Eftpos/Swift cards have been around for ages here in Chile though it's new for credit cards. I wonder why they don't do the chip thing here too.
The new PIN system is for domestically-issued cards only. For purchases made with cards issued abroad (outside of Chile), you'll have to sign (same as in Europe.. see Natalie's post).
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