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It’s all in the name of safety.
“The Bangko Sentral ng Pilipinas (BSP) has required banks to replace all existing credit cards and ATM cards using magnetic stripes to those equipped with EMV chips by January 2017,” reports ABS-CBNnews.com.
The report noted: “EMV is a technology developed by Europay, MasterCard and Visa (hence the acronym) as a global standard for ensuring the security and interoperability of chip-based payment cards. Credit and ATM cards equipped with EMV-chips feature unique codes for every transaction, which prevents hackers from stealing information.”
BSP Deputy Governor Nestor A. Espenilla, Jr. explained, “The migration to EMV may actually happen as a practical reality earlier than 2017 because of commercial reasons. Banks are motivated to have EMV chips because of all these skimming.”
Photo: MorgueFile
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