BSP issues EMV chip cards guidelines

The central bank has approved the implementing guidelines for banks’ migration plan to EMV (Europay Mastercard Visa) chip-enabled cards in line with its continuing efforts to strengthen the banking system’s electronic retail payment network.

EMV is the global standard for chip-based credit and debit transactions, deemed more secure than magnetic strip cards. The chip contains information needed to use the card for payment, and is protected by various security features.