BDO completes shift to EMV

The country’s largest bank has completed the shift to the Europay Mastercard Visa (EMV) technology ahead of the deadline set by the Bangko Sentral ng Pilipinas (BSP).

Listed BDO Unibank Inc. yesterday announced it is giving cardholders until next week to replace their magnetic stripe ATM or debit cards after it completed the shift to the EMV technology for the first batch of retail clients.

“The bank has been advising clients to get their EMV debit card since it became available in the third quarter of 2016. For those who still have the magnetic stripe card, they are encouraged to have it replaced at the branches on or before Jan. 31,” it said in a statement.

As a result, BDO pointed out the magnetic stripe currently found at the back of the old ATM debit card would be disabled and clients who fail to claim their EMV-equipped cards would no longer be able to transact on any ATM and point of sale (PoS) terminal.

The country’s largest bank owned by retail and banking magnate Henry Sy said all its ATMs nationwide were EMVcertified last year.

It added PoS terminals found in supermarkets, restaurants, shopping malls and other establishments are now converting into EMV as well.

The regulatory requirement to shift to EMV is part of the banking industry’s move to provide clients wider protection against fraudulent activities usually carried out in electronic banking channels.

BDO has dominated the country’s banking industry in terms of assets, capital, deposit, and loans over the past few years. It has one of the largest distribution networks, with more than 1,100 operating branches and over 3,600 ATMs nationwide.

The Sy-led bank also has 26 overseas remittance and representative offices in Hong Kong in Asia, Europe, North America and the Middle East.