BNM: Replace Your Credit Cards Before Deadline
Bank Negera Malaysia (BNM) urges debit and credit card holders to replace their old signature-based cards before the deadline to avoid the anticipated mad rush.
The new debit and credit cards will use a unique personal identification number (PIN) for payment authentication, and the deadline for replacements is set at December 31, 2016, and the new system will be implemented on January 1, 2017.
After the deadline, card users, banks, and businesses are given six months to practise the use of the new cards, and the signature-based system will be phased out from July 1, 2017.
According to BNM’s payment systems policy department director Tan Nyat Chuan, the PIN-based cards are equipped with tighter security features, including a microchip that cannot be forged.
More than 8 million credit cards and 24 million active debit cards need to be replaced under this exercise, he added.
As such, BNM and other bank industry players are worried that there will be massive congestion if cardholders wait until the last minute to replace their cards.