Philippines-based BDO Unibank is planning to launch EMV-embedded BDO MasterCard ATM debit card to complement its earlier deployment of EMV-ready automated teller machines (ATM) in the nation.
The new card has enhanced security feature, including encryption locks and keys to authenticate the card and the cardholder’s transaction, protecting card data from being compromised.
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The development will see launch of EMV chip-enabled MasterCard branded ATM debit cards for new customers within the second quarter of the year.
Additionally, as part of the three-year migration plan, the bank will migrate existing magnetic stripe-only cards to EMV cards by the second half of the year.
BDO Unibank executive vice president and head of transaction banking group Edwin Romualdo Reyes said: "EMV chip technology has already become the global standard for credit card and debit card payments. It will help increase security, reduce card-present fraud and enable the use of future value-added applications.
"EMV is already prevalent in Europe. On the other hand, over 500 million EMV compatible credit and debit cards have been issued in the US as of late last year. With this rollout, BDO will be the first bank in the country to transact under the Mastercard EMV end-to-end."
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By GlobalData
