BPI finally issuing EMV ATM cards

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BPI ATM CardBank of the Philippine Islands (BPI) is finally issuing EMV (Europay, Mastercard, and Visa) enabled cards in place of the magnetic-striped (magstripe) cards in compliance with the requirements imposed by Bangko Sentral ng Pilipinas (BSP) on all banks. EMV is the global standard for card payments used in most countries and uses chip card technology to make transactions secure and protected against counterfeit fraud.

Unlike the magstripe cards, EMV cards have an embedded microchip that encodes data of a purchase or transaction in a safe mode. A unique and dynamic security code is generated every time an EMV-enabled card is inserted into an EMV-enabled terminal (like an ATM or point-of-sale machine) which makes it extremely difficult for anyone to reuse your information on the card. 

The Monetary Board (MB), the policy-making body of BSP, forced banks to fully adopt EMV technology at a much faster pace.  Banks have until June 30, 2018 to fully comply with EMV requirements. 
Most banks have replaced the ATM (debit) and credit cards issued to customers, but BPI was among the slowest to adopt the technology.
Banks were also required to upgrade their POS terminals to protect the interest of the public.
Finally, BPI announced on March 9, 2018 that it will begin releasing BPI EMV Debit Cards in several cities in Metro Manila and several provinces by March 17, 2018.  
It said Negros customers in Negros provinces received their EMV cards as early as February 24, 2018, while customers in Iloilo and Panay began receiving theirs on March 3, 2018.
"All ATM/debit cards issued before August 1, 2017 will be replaced," BPI said on its website.
"Advisories will be released in BPI branches, website, social media, e-mail and SMS once your BPI EMV Debit Mastercard is available for claiming," it said.
BPI said starting March 17, BPI EMV Debit Cards will be available in the provinces of Bataan, 
Benguet, Bicol, Bulacan, Cagayan Valley, Cavite, Ilocos, La Union, Nueva Ecija, Pampanga, Pangasinan, Quezon, Tarlac and Zambales.
When claiming the BPI EMV Debit Mastercard, customers are advised to bring one valid government-issued ID with photo and signature and photocopy of the ID, current BPI ATM card.  Customers will be asked to update the Customer Information Sheet and signature card.
The initial issuance of the new BPI Debit Mastercard is free of charge. However, a fee of P150 be charge to replace a lost or damaged card and additional BPI Debit Mastercard/s for other accounts linked to the new card issued.
Customers were told to personally claim the new BPI EMV Debit Mastercard at the branch of account to ensure the security of the card. 
"We strongly recommend that you personally claim your new BPI EMV Debit Mastercard at your branch of account to ensure the security of your card," BPI said in its advisory.

March 2018

 

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