DAVAO CITY, Philippines—Out with old, in with the new.
The United Coconut Planters Bank, one of the largest banks in the Philippines, announced that it will be using the Europay, Mastercard, VISA debit card which is the global standard for payment card security.
As the bank shifts to an EMV chip-based cards, it further announced that it would deactivate its old magnetic stripe-enabled ATM cards by next month as it encouraged its ATM cardholders to upgrade to the new, secure UCPB Visa Debit/EMV Card.
In a statement Thursday, July 20 UCPB advised all its ATM cardholders to visit their maintaining branch and claim their EMV-powered ATM card, free of charge. The bank set Aug. 1 as the deadline to claim the EMV cards.
“The Bank’s new Visa Debit Card provides our cardholders more security through the EMV chip,” UCPB Vice President and Marketing Group Head Charina D. Balanquit said.
Aside from increased protection against fraud, the new UCPB Visa Debit Card makes it easier and convenient for clients to pay for their local and international purchases at stores or online merchants as it is powered by the VISA network. This minimizes the cardholder’s need to go to an ATM terminal and withdraw cash.
“Traveling is also made more convenient with the UCPB VISA Debit Card as withdrawals of foreign currencies abroad can now be made from any VISA-affiliated ATM,” Balanquit said.
Source: Davao Today