Credit card use with mandatory verification code continues to grow

- Wednesday, August 24, 2011

Credit card use with mandatory verification code continues to grow

Credit card use in Chile with the mandatory verification code known as Pinpass jumped in July to 78.2% of the total, or 7.29mn transactions with a volume of 269bn pesos (US$577mn), the latest figures from banking regulator SBIF show.

July figures for Pinpass purchases were up from the 76.7% recorded in June. The figure was also up from the year-ago period, which reached 61.1%.

July was also the third consecutive month in which Pinpass use was above the 76% mark. Last year, when the code was introduced and made mandatory for all credit card purchases in May, Pinpass purchases represented an average 58.4% of the total.

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