PH Banks May Shift to EMV-based Cards Earlier Than Expected

PH Banks May Shift to EMV-based Cards Earlier Than Expected




Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017.

In an interview with BSP Deputy Governor Nestor Espenilla Jr. with ABS-CBN, he mentioned that the local banks are “motivated” to upgrade to the new security standard in an effort to further lessen, if not totally eliminate fraudulent acts against their respective patrons.

bdo-atm-charge


 

As mentioned on our previous post, the main advantage of EMV-based cards over its predecessor is the information on magnetic strip on the former is dynamic as opposed to static. This added level of complexity makes it more challenging for hackers and skimmers to copy the information on the card.

Espenilla also noted that though the upgrade will likely cost the banks a good amount of money, it will prove to be more cost-effective in the long run since they are less likely to deal with fraud-related incidents which, he stressed out during the interview, should be shouldered the bank.

Source



This article was written by Ronnie Bulaong, a special features contributor and correspondent for YugaTech. Follow him on Twitter @turonbulaong.

You may also like...

5 Responses

  1. PH says:

    Late na nga tyo eh… ung ibang bansa naka EMV na! Well, kaya maagang nagkusa ang mga lokal banks, kasi baka hindi tanggapin mga credit card nila na non-emv sa ibang bansa lalo na kung sa bansang un eh mandated ng government ang EMV chips sa mga credit cards…

  2. diego delos santos says:

    Well sana nga as per bsp mandate na dapat sagutin ng mga banks ang costs ng upgrades at huwag ipasa sa mga depositors. Ano po bang bsp ruling or circular yan mandate na yan.

  3. T says:

    Matagal na yan sa Citibank. Both atm and cc, my paywave pa na tap and pay.

  4. Zander says:

    They Should add the ability to pay using NFC (Google Wallet)&(Apple Pay) in their terminals if they are thinking long term

Leave a Reply

Open

Close
%d bloggers like this: