THE Association of Banks in Malaysia (ABM) has announced the successful completion of the issuance of chip-based credit cards.
In a statement yesterday, it said that the successful completion of the project made Malaysia the first country in the Asia Pacific to fully adopt chip-based credit cards on a national level.
“With the completion of this exercise, Malaysia is well in advance of the January 2006 deadline that was set up by the card brands Visa and MasterCard for the Asia Pacific region,” executive director Wong Suan Lye said in the statement.
The completion marks a successful effort undertaken by ABM to convert existing magnetic stripe credit card to chip-based, it said.
Key benefits of the new chip-based credit cards include a processing technology that makes counterfeiting and skimming much more difficult and complex, the association said.
The statement added that Malaysian-issued credit cards came with both the chip and magnetic stripe to facilitate uninterrupted transactions in countries that had not implemented a chip-based platform.
Accordingly, Malaysian chip-enabled terminals are equipped to process foreign issued magnetic stripe cards, the statement said. — Bernama