BDO to disable magnetic stripe cards come Feb. 1 amid shift to EMVBy Ian Nicolas Cigaral
(philstar.com)
January 25, 2018
The Bangko Sentral ng Pilipinas had issued a memorandum giving banks until June 30, 2018 to fully comply with the shift to the mandatory EMV technology. Wikimedia Commons, FileMANILA, Philippines — BDO Unibank Inc. on Thursday announced it would be deactivating old automated teller machine cards come February 1, with the lender set to complete the initial shift to the Europay Mastercard Visa technology ahead of the deadline set by the central bank.
“The bank has been advising clients to get their EMV Debit Card since it became available in the third quarter of 2016. For those who still have the magnetic stripe card, they are encouraged to have it replaced at the branches on or before January 31,” the country’s largest bank said in a statement.
EMV is a global security standard for payment transactions that is more secure than a magnetic-stripe card.
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