BSP piles pressure on banks to adopt new chip technology
Philippines central bank imposes “hard deadline” for banks to migrate to EMV technology
The Central Bank of the Philippines (BSP) has imposed a “hard deadline” for banks to replace all magnetic strip cards with EMV chip-based ones.
The monetary board of the BSP has approved “supplemental guidelines” to push the banking industry towards full adoption of EMV technology at a much faster pace.
The BSP initiated the plan to require banks to migrate their entire payment network to the more secure EMV chip-enabled cards in 2013, with the original deadline on January 1, 2017.
EMV chip
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