Nedbank, a South African lender, has rolled out chip-and-pin cards, as part of its plan to phase out magnetic stripe cards in Namibia.
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Embedded with an integrated circuit (a chip), the new cards can be unlocked using a pin and is clone-proof. The bank is issuing the new chip-and-pin cards to its current account and savings account holders.
At any of the Nedbank bank’s branches, the accountholders can exchange their current magnetic stripe card with a chip card free of cost.
The new cards have a cash withdrawal limit of NAD3,000 ($192). It provides free text messages to track transactions, according to the bank.
The lender said that cards are also EMV compliant and can be used at any EMV-enabled ATM or POS terminal across the globe.
The Bank of Namibia has mandated that all cards issued by the financial intuitions, implement chip-and-pin technology by March 2017.
