Banks seeks delay in switching from magnetic ATM cards to chip-based cards

Source: Xinhua| 2019-09-06 16:41:11|Editor: xuxin
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BANGKOK, Sept. 6 (Xinhua) -- The Thai Bankers' Association (TBA) will ask the Bank of Thailand (BOT) to postpone the deadline to switch from magnetic ATM cards to chip-based cards, citing high usage over the year-end period, TBA told the media here on Friday.

TBA president Preedee Daochai said he has asked the BOT to postpone the deadline from December 31, 2019 to January 15, 2020, as bank customers usually make frequent transactions at year end.

According to the BOT's announcement in year 2016, holders of magnetic ATM cards can switch to chip-based cards at any bank branch where they opened an account, free of charge until December 31. They will also have to switch from a 4-digit PIN to a 6-digit one to enhance security.

The BOT also cited that Thailand will emerge as the third county in ASEAN to have mandatory chip-embedded ATM and debit cards following Malaysia in 2004 and Singapore in 2010.

"The switch from magnetic ATM cards to chip-based cards is to prevent card fraud such as ATM skimming," said BOT.