Barclaycard told the London Financial Times yesterday it will save more than US$50 million annually as the result of its ongoing migration to smart cards. The savings will largely be produced by reducing losses from counterfeit cards used outside the UK. The UK's largest card issuer has already converted 500,000 of its 17 million cardholders to smart cards and upgraded more than 400 of its ATMs. Barclaycard says it has plans to convert another 2.5 million cardholders to smart cards by year's end. The issuer will also upgrade another 700 ATMs to accept smart cards and replace more than 20,000 Barclaycard-owned terminals in small businesses this year. The Times says the biggest consumer complaint so far has been the extra processing time required at the point-of-sale.