Change to PIN-based cards by July 1 or risk having transactions declined

KUCHING: All bank card transactions will be PIN-based and signatures will no longer required by July 1.

Director of Payment Systems Policy Department, Bank Negara Malaysia (BNM) Tan Nyat Chuan said two million cardholders across the country had yet to change their cards as of last March.

Up to March 31 this year, Tan said 91.6 per cent of cardholders in Malaysia had switched over to using PIN as required by the Central Bank.

“We are seeing a healthy decline in PIN by-pass. All transactions are using PIN now, so for those who have not changed their cards, do so now and do not wait until July 1.

“Banks will not allow transactions verified by signatures after the cut-off,” he told a media briefing held at the BNM Link and Regional Office at Jalan Satok here today.

The PIN-based policy was implemented early this year, with industry players given a six-month period to address glitches.

According to him, 99.6 per cent of POS (point of sale) terminals have been upgraded, leaving about 870 terminals waiting for an upgrade.

He added that all petrol kiosks in the country had upgraded their outdoor payment terminals (OPTs). It is understood that there are 30,000 OPTs at petrol kiosks throughout Malaysia.