The domestic RFID CARD banking system will proceed to change the plastic credit cards with ones that contain better security system incorporating a chip from next week, said the president of the Association of Private Banks of Bolivia ( ASOBAN ) , Kurt Koenigsfest .
According to rules of the Financial Supervisory Authority System ( ASFI ) in November banks are obliged to spare for other plastic cards containing security chips. This rule indicates that it is the banks that must bear the cost of change and not be transferred to customers.
" This November rfid inlay go debit cards and by the end of January out debit cards with the chip ," said Koenigsfest .
The representative of the private banks of the country explained that the change of chip cards , instead of using magnetic stripe will be performed gradually in the office of each financial institution.
Koenigsfest ruled that modern cards require additional time to make the change , since it will be assumed by the entities collection .
"The costs will depend on each of the banks ," he said .
Also anticipated contactless cards that each banking institution be conducted publicity campaigns to inform their customers swap process credit cards or debit swipe by modern , which have a microchip to increase the financial security of its members.
The ASFI instructed the July 30 all private banks operating in Bolivia , issue debit and credit cards with microchip, to gradually replace existing magnetic stripe , in order to avoid cloning accounts.
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