The full rollout of chip & PIN payment facilities on Irish petrol forecourts has finally been given the green light by the countries' major banks, PetrolPlaza has reported.

The landmark development comes as a result of the successful completion of a program by Ireland’s major banks to install a fully integrated chip & PIN system within the nation’s payment infrastructure.

The new solution will allow Irish forecourts to use the current card reader for fuel card transactions, with chip and PIN transactions being completed on the EPOS via the chip reader on the terminal, reports PetrolPlaza.

It is hoped that the new, faster payment system will help to arrest the recent decline in petrol retail sites in Ireland and aid the dwindling number of independent domestic fuel retailers to compete.