Tan being briefed by a CIMB officer as B Ravintharan (second right) and Chuah (right) look on.
MIRI: The signature verification card payment transaction for cardholders will be gradually abolished to make way for the implementation of the pin-and-pay system on July1 next year.
Progressive issuance of new replacement cards with a pin and pay capabilities will be more rigorous until end of this year. Cardholders who have yet to replace their cards are urged to do so.
Director of Bank Negara Malaysia’s Payment System Policy Department Tan Nyat Chuan said the move was one of the bank’s initiatives to safeguard the cardholders.
“The targetted completion of the infrastructure rollout and card replacement is expected by Dec 31,” he told reporters after the national e-payment road show here yesterday. Miri is the 18th leg of the road show.
“The ‘Pin & Pay’ system will see the migration of ATM (automated teller machine) cards to a replaced card that enables contact functionality as well as pin and pay capability.
In addition to the pin-and-pay system, he said, cardholders would be able to pay through the ‘tap-and-go’ system as their cards were progressively being replaced from now until Jan 1, 2018.
He said 44.3 million cards would be replaced to allow cardholders to enjoy the facility, once the new system became operational.
“This road show is our effort to go out and advise all cardholders to safeguard their pins and cards, create confidence through educating the masses so that they know what the safety tips are that they need to know.
“Cardholders can pay by ‘tap-and-go’ for low value transactions,” he said.
On the e-payment, he said, from January to June this year, cheques usage had declined 10 per cent due to the rising usage of Interbank Giro and Instant Interbank Fund Transfer.
“IBG and IBFT transactions showed an increased growth of 18 per cent and 94 per cent, respectively,” he said.
The road show was jointly organised by Bank Negara Malaysia, Association of Banks in Malaysia and the Association of Islamic Banking Institutions.
Together with Tan at the road show were executive director of Association of Banks in Malaysia (ABM) Chuah Mei Lin and chairman of National Cards Group B Ravintharan.
The road show will be in Tawau on Aug 25 and Sandakan on
Aug 29.