As the Valentine’s Day deadline looms, it seems that most shoppers are prepared with their unique four-digit pins with retailers already starting to decline the old signature method of payment.

The number of Brits saying they are comfortable with the new system has risen to 86 per cent from 58 per cent a year ago, research by Alliance & Leicester Current Accounts revealed.

From February 14th, chip and pin will be compulsory and sentiment among both shoppers and retailers alike is that it is a good idea.

The industry predicts counterfeit card fraud will be reduced by 33 per cent, while four in five shoppers consider the system a good idea.

“A year on from chip and pin, the overwhelming majority of consumers are comfortable with using the system and recognise the benefits it has brought in terms of fraud reduction,” said Simon Ripton, current account manager at Alliance & Leicester.

“But it isn’t just the security benefits, 52 per cent also say that chip and pin has speeded up transactions – which has to be beneficial to consumers and retailers alike.”

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