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Latin America Investment News on Viva Tropical

Panamanian Bank Cards Go ‘Smart’

Article Summary:

Panamanian banks are preparing for the migration from magnetic to ‘smart chip’ cards in an effort to reduce fraud in the country.

Photo Credit: Capital

Original Article Text From Capital Panama via Google Translate :

Magnetic Cards Have Their Days Numbered

The rocess migration to chip cards (EMV) is on the line and Bac Credomatic and banks like Banco General and are putting the finishing touches to the process and ATMs are adapted to accept the new technology that aims to reduce fraud but that will be applied gradually Panama.

The advisor of the Superintendency of Banks of Panama (SBP), Amauri Castillo, said that “some banks are better prepared than others and that will be a gradual process, but the important thing is that the infrastructure, at least at the level of ATMs, and ready “.

Where would you sharpen, details would be in the posts of Sales (POS), although at an early stage the current system coexist magnetic stripe and chip cards or smart, until all the infrastructure is adapted to the new system.

It is estimated that by December 2013 90% of outlets are enabled to accept chip cards.

In Latin America, 70% of sales points can receive these cards. And it is a process that Visa and MasterCard have been pushing across the region for several years, but it has advanced more rapidly in Brazil, Mexico,

Venezuela and Colombia, countries where governments have implemented protection laws stricter consumer.

“Overall the banks will comply with good pace and the introduction of this new scheme that somehow mitigate the risk of fraud through credit cards and debit cards,” said Castillo.

Today, in fact, over 80% of the cards in Europe has chip and the technology is accepted in 94% of businesses on the continent.

In Panama the first bank to officially announce the use of this new system was Bac Credomatic, but have not yet defined the date on which your customers can make payments with this new card.

Gabriel Arias, vice president of Bac Credomatic Affiliate Trade, said the planning process and certifications has taken a couple of years and “we are in the final stage to put it in the hands of the consumer.”

The new card introduced by Bac Credomatic, plus chip technology also enables contactless transactions and still have the magnetic strips so that your customers do not have restrictions on when conducting your transactions.

In the country there are more than 1,000 ATMs, more than 1,00,000 debit cards and about 600,000 credit cards.

Another bank of the square you are working in this direction is the General Bank, which will begin to migrate to smart cards at the end of last quarter.

The vice president of the Banking Association of Panama (ABP), Mario De Diego, said that the bank will make a massive change of regular cards with chip cards to customers with greater risk of loss due to fraud, due to its high limits.

But little by little will be renewing their cards to other customers of the bank, which can take about 12 months.

While for card keys change the start in the first quarter of 2014, which can last all year.

Link to Original Article:

From Capital Panama

Latin America Investment News on Viva Tropical