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WATCH | Banks '90% ready' to implement new ATM card system - BSP

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MANILA, Philippines -- The country’s banks are “more than 90 percent prepared” to implement the new system that will replace magnetic strip automated teller machine, or ATM, cards with electronic chip cards, the Bangko Sentral ng Pilipinas said.

Banks are expected to begin implementing the new system from January 1, although BSP assistant governor Johnny Ravalo said some glitches are to be expected because “imagine you're changing not only the cards, you're changing all the (card) readers, you’re changing all the machines, so it's a massive effort.”

Electronic chip cards are supposed to be safer than magnetic strip cards because the data they contain is much harder for thieves to copy.

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