Central Banking

BSP piles pressure on banks to adopt new chip technology

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Philippine banks are expected to change all magnetic strip cards to EMV chip-based cards by the end of June next year

The Central Bank of the Philippines (BSP) has imposed a “hard deadline” for banks to replace all magnetic strip cards with EMV chip-based ones.

The monetary board of the BSP has approved “supplemental guidelines” to push the banking industry towards full adoption of EMV technology at a much faster pace.

The BSP initiated the plan to require banks to migrate their entire payment network to the more secure EMV chip-enabled cards in 2013, with the original deadline on January 1, 2017.

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