All ATM cards to be converted into bankcard next year
ACW - Vol 23, No. 36, October - November 2002
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KUALA LUMPUR - Plans are underway to convert over 11 million ATM cards in the country into 'Bankcard', a chip-based card with multiple payment applications, by the first quarter of next year.

This is because most ATM transactions and ATM machines are expected to be fully chip-enabled by the first quarter of next year.

Malaysian Electronic Payment System (1997) Sdn Bhd (MEPS) chairman Datuk Amirsham A. Aziz said in a statement here yesterday that the chip-based 'Bankcard' would offer better security with more capabilities compared with the current ATM card.

"The chip-based card is more tamper resistant than that of magnetic stripe card and the chip technology has data and information storage capacity," he said.

'Bankcard', one of the Multimedia Super Corridor applications, is developed in line with the government's aspiration to implement a national electronic payment environment and cashless society.  At this point, 'Bankcard' offers three payment applications - ATM, e-Debit and e-Purse.

This means, while retaining the existing ATM functions, the 'Bankcard' provides the convenience of electronic cash payment via either e-Debit or e-Purse for cardholders to pay their purchases at participating retailers.

There are over 2,000 participating retailers and merchants that accept 'Bankcard' as a preferred electronic payment mode in addition to cash. Local financial institutions will be issuing payment multipurpose card (PMPC) or known as 'Bankcard' to their customers from the fourth quarter of this year.

The banks are also currently undertaking extensive upgrading to their infrastructure including ATM machines and deployment of card acceptance devices at merchants and retailers.  There are 3,700 ATM machines nationwide. - Bernama