The deadline for switching from magnetic ATM cards to chip cards is now due and after January 15, all magnetic cards will become invalid, Siritida Panomwon na Ayudhya, Bank of Thailand Assistant Governor of Payment Systems Policy and Financial Department, said.
“The central bank in cooperation with the Thai Bankers Association and financial institutions has been urging card holders to change their magnetic cards to chip cards, in order to enhance safety in credit and debit card usage and prevent counterfeit card fraud and skimming,” she said.
The switch was expected to be completed by the end of 2019, as 47 million magnetic cards had already been converted to chip cards, leaving some 20 million magnetic cards nationwide.“Magnetic cards holders can change their cards at any branch of their respective banks or financial institutions free of charge.
Required documents are ID card, existing magnetic card and bank passbook,” said the assistant governor. “After January 15, magnetic cards will be unusable at ATMs and credit card machines at retail shops.
However, card owners can still make a cash withdrawal or transfer money at bank’s tellers, via mobile banking and internet banking as alternatives,” she added.
WRITER: Larry Cadiz
