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As a result of the mandate of Bangko Sentral ng Pilipinas released in August 2013 (BSP circular no. 808-13), all banks and financial institutions in the Philippines should implement the new EMV chip technology to ATM cards by January 2017. This endeavor is to further counter the different fraudulent activities that consist of skimming and cloning of ATM cards. In 2013 alone, the reported cases of ATM card fraud amounted to PhP220 million which was a colossal 78% increase from 2012. A technology that was developed by Europay, MasterCard and Visa, the EMV chip will contain the information necessary to use the card for transactions and is protected by various security features

The EMV shift will not solely depend on the card itself. Banks will also have to upgrade their software and hardware infrastructure. One of the major contributing factors, as well as a crucial part of the process, of a successful EMV transition is the data migration to EMV technology. It will not be an easy feat, but with the suitable resources and qualified partners, a successful migration could be assured.

AllCard Plastics Philippines Inc., the only end to end card solutions provider in the Philippines and the only MasterCard Certified local card production facility, has proven itself to be the preferred partner of financial institutions in this undertaking. Backed by years of expertise in card solutions, not only in financial, as well as in education, commercial, hospitality, government, retail and telecoms, together with globally recognized partners in the cards industry, AllCard is capable to assist institutions implement a smooth and worry free EMV transition. For further information, contact AllCard at magandangumagapo@allcard.com.ph.