Bank of Thailand moves debit cards from mag stripe to chip

Monday 23 September 2019 12:03 CET | News

Bank of Thailand has announced that transactions via ATMs or card-swiping machines will no longer be possible after 15 January 2020.

According to the bank, the use of chip cards provides more safety assurances than debit or ATM cards and prevents the use of fake cards which might contain data from stolen debit or ATM cards via ATMs.

Since 2016, the Bank of Thailand has cooperated with the Thai Bankers Association and other financial institutions to encourage the use of chip cards instead of debit or ATM cards with magnetic strips, to be on par with international standards.

All debit cards and ATM cards are expected to be replaced by the end of 2019. According to financial institutions, about 47 million chip cards are currently in use, while about 20 million magnetic-striped cards are currently used nationwide.

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Keywords: Bank of Thailand, debit card, mag stripe, chip, Thailand
Countries: World