TODAY'S BUSINESS HEADLINES

Over 100 cruise calls scheduled to dock in PHL this year – DOT 13-Jan-17, 11:24 PM | Philippines News Agency

China posts worst export fall since 2009 as fears of US trade war loom 13-Jan-17, 10:31 PM | Elias Gleen and Sue-lin Wong, Reuters

CONSUMER POWER OUTLOOK | Record low rates in January, spike in March 13-Jan-17, 2:38 PM | Gerard de la Peña, Bloomberg TV Philippines | Ernie Reyes, InterAksyon.com

We'll pay for medical bills of Bataan folk near coal plant, even if it's 'galis aso' - SMC's Ang 12-Jan-17, 2:56 PM | Shyla Francisco, Bloomberg TV Philippines

PHP up, PSEi down on investors disappointment on Trump's presscon 13-Jan-17, 12:33 AM | Philippines News Agency

WATCH | ATM cards with magnetic stripe can still be used after Jan. 1

InterAksyon.com means BUSINESS

MANILA, Philippines - Private banks assured their customers that they can still use the old automated teller machine, or ATM, cards with magnetic stripe even after January 1, 2017.

Under the new system to be implemented by the country’s banks starting on January 1, an electronic chip will be embedded in the old ATM card.

The banks however doused the concerns of customers who have ATM or debit cards that still have magnetic stripes.

“While the replacements are ongoing, customers can still use their magnetic stripe cards until every customer that has a Metrobank debit card already has it in chip,” Mark Perez, head of Retail Banking Group of Metrobank, said.

The new ATM card will have an electronic chip in front of the card and a magnetic stripe at the back. The newly-installed machines in the banks can read both data of the customer’s account stored in the electronic chip and the magnetic stripe.

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

Replacement of the card is free of charge. Customers need only to go to their respective banks to replace their cards.

Perez however warned of some adjustments since the system is new, “there are varying stages of migration. There might be some compatibility issues that might occur.”

Aside from the transfer to chip-enabled cards as mandated by the Bangko Sentral ng Pilipinas, the system should also be replaced so that Europay, Mastercard Visa or EMV cards can be used.

Banks should also get global certification so that the cards can be used in other countries.

WATCH THE NEWS5 VIDEO REPORT BY BEVERLY NATIVIDAD BELOW:

 

advertisement
OTHER BUSINESS STORIES
BREAKING NEWS