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Saturday, November 16, 2024

Home Business SBP rejects rumors on ATM card

SBP rejects rumors on ATM card

by admin
January 3, 2020
in Business

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Staff Reporter

Karachi

SBP categorically rejects baseless rumors making the rounds in a section of press that the existing ATM cards with magnetic stripe have stopped working since December 31, 2019. SBP has not issued any such instruction to card issuers (Banks/MFBs). Customers who have still not received their Europay Mastercard Visa (EMV-Chip and PIN) cards can continue using their existing magnetic stripe cards till the time they have received and activated their new cards. However, based on activation and delivery trends, the card issuers may block existing magnetic stripe cards to ensure complete migration to EMV (Chip and PIN) at a future date. We would like to recall that SBP vide PSD Circular Letter No. 09 of 2018 had advised all Banks/MFBs to re-card their existing card portfolios to EMV chip and PIN by June 30, 2019.