Bangkok (NNT/VNA) - The Bank ofThailand has advised holders of debit cards and ATM cards with magneticstripes, to use chip cards instead, as transactions via ATMs or card swipingmachines, will no longer be possible after January 15, 2020.
Sirithida Phanomwanna Ayutthaya, an assistantgovernor of the Bank of Thailand in the payment policy and financial technologysection, said the use of chip cards provides more safety assurances than debitor ATM cards and prevents the use of fake cards which might contain data fromstolen debit or ATM cards via ATMs.
Since 2016, the Bank of Thailand hascooperated with the Thai Bankers Association and other financial institutionsto encourage the use of chip cards instead of debit or ATM cards with magneticstripes, to be on par with international standards. All debit cards and ATMcards are expected to be replaced by the end of this year since they will nolonger be usable at ATMs or card swiping machines after January 15, 2020.
According to financial institutions, about 47million chip cards are currently in use, while about 20 millionmagnetic-striped cards are currently used nationwide. The Bank of Thailand hascalled on the holders of debit or ATM cards with magnetic stripes to contactany branch of their bank, to change their cards by producing their ID card,debit or ATM card and bank account book. No service fee is charged./.
