UCPB to open branches on Saturday ahead of non-EMV cards’ deactivation
THE UNITED Coconut Planters Bank (UCPB) will give its clients more time to claim their microchip-enabled cards, extending its operations on Saturday, July 29.
The country’s 12th largest lender said it will open all its 188 branches on July 29 to allow its cardholders to turn in their magnetic strip cards — which the bank is set to deactivate on Aug. 1. — and switch to Europay, Mastercard and Visa (EMV) chip-equipped VISA Debit Cards.
“This is actually the fifth time we’re opening our branches on a weekend for this purpose. We also opened our branches on all Saturdays of June to accommodate the release of EMV cards to our clients” UCPB Vice President and Marketing Group Head Charina D. Balanquit was quoted as saying in a statement.
“We’re doing the deactivation of non- EMV ATM ( automated teller machine) cards to protect our cardholders from fraudulent transactions. At the end of the day, our cardholders will benefit from this exercise,” she added.
In 2014, the Bangko Sentral ng Pilipinas (BSP), through BSP Circular 859, announced it will impose the EMV standard on card- issuing entities, originally setting the deadline on Jan. 1, 2017. However, with most banks yet to fully shift to the platform, the central bank in June gave Philippine banks up to June 30,
2018 to adopt the EMV technology.
CPB said nearly 50% of its cardholders have already claimed their microchip-powered cards.
The lender began replacing magnetic-striped cards in October of last year after it launched its UCPB VISA Debit/EMV Card.
According to the bank, should their clients fail to have their old ATM cards replaced by Aug. 1, UCPB will accommodate overthecounter and inter- branch withdrawals.
The regulator had warned banks that non-compliance with its tighter EMV guidelines would constitute a “serious offense” that would warrant penalties.
The EMV platform makes use of microchips rather than the traditional magnetic strip found at the back of cards, which are prone to skimming — usually done by illegally tapping into ATM terminals to steal client data. As a result, EMV — an international standard — makes depositors and credit card holders “more secure” against fraud.
According to BSP data, there are around 76 million debit and prepaid cards in the country while there are 8.5 million credit cards. Local banks also operate 19,084 ATMs across the country.
In the first quarter of this year, UCPB saw its bottom line reach P958.13 million, higher than the P929.19 million booked in the comparable period a year ago, on the back of robust lending and strong investment activities.
Its total loan portfolio in the January to March period stood at P149.52 billion, up 18% from the P126.62 billion recorded in the same period in 2016. The bank’s total deposits grew 10% to P255.74 billion in the first three months.