Maybe the problem would be solved in the end, but in order to realise the benefits of a move to PIN in a reasonable timeframe, the individual participants had to move together. Another more recent example of industry collaboration to address fraud is in ‘card-not-present’ transactions. Consumers are increasingly making purchases on line and cards are an easy way to do this.
I would thus urge the industry to make individual as well as collaborative efforts to develop this sector, which would improve their market perception besides enabling them to diversify their clientele. The IBIs may also develop partnerships with Islamic microfinance institutions to serve the low income population.