ATM cards to be converted into bankcard next year
ACW - Vol 23, No. 36, October - November 2002
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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.
is because most ATM transactions and ATM machines are expected to be fully
chip-enabled by the first quarter of next year.
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.
chip-based card is more tamper resistant than that of magnetic stripe card
and the chip technology has data and information storage capacity,"
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.
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.
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
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