Two million cardholders yet to upgrade to new Personal Identification Number cards

BUTTERWORTH: Bank Negara Malaysia (BNM) wants those who have yet to replace their payment cards with the new Personal Identification Number (PIN) enabled ones to do it quickly.
BNM Payment Systems Policy Department director Tan Nyat Chuan said only PIN enabled cards can be used for transaction come July.
He said there were still some two million cardholders in the country who have yet to replace their cards, which were mostly ATM cards.
"Up to March this year, a total of 24.5 million have replaced their cards," he said at a press conference today after opening the National E-Payment Roadshow 2017 here.
Tan said 99.6% of point-of-sale (POS) terminals have been upgraded to accept PIN enabled cards so far.
He said cards with the PIN security feature was an initiative to enhance the security of payment cards.
He said the move to enhance card security started in 2003 when credit cards with embedded microchips were introduced to curb credit card fraud.
"Credit card fraud has been significantly reduced, the rate is 0.04% at present," he added.
On merchants who require a minimum purchase amount before a customer can pay with a credit card or those who impose a surcharge, Tan said consumers can lodge a complaint with BNM.
He said such practices may have breached the POS contract between the merchant and the bank.
"The bank can address the issue by providing training or give them a workshop the matter," he added.