Phase out cards with magnetic strips by Dec

Business
Phase out cards with magnetic strips by Dec
The central bank yesterday instructed banks not to issue any credit or debit card with magnetic strips from next year, with a view to safeguarding customers against fraud.

Several lenders did not replace their branded magnetic strip cards with ones with the chip-and-pin technology within the deadline of June 30, saying this would fuel their cost, said a Bangladesh Bank official.

Banks will have to start using the chip-and-pin technology for their branded cards by February next year, according to a central bank notice sent out to all lenders.

Major local banks are operating their card business by using the technology of five global brands -- Visa, MasterCard, American Express, JCB and China UnionPay.
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