With the new PIN system, card-users can now enter their cards into payment terminals themselves and then verify the transaction with a PIN - the card never needs to leave their hands.
KUALA LUMPUR: Bank Negara Malaysia said all payment card terminals deployed in the country, including outdoor payments terminals at petrol stations, have been upgraded to support PIN payments.
In a statement Friday, the central bank reiterated that with effect from July, all local payment card transactions will be verified using PIN. Signature verification will no longer be accepted from that date.
“To date, close to 23 million payment cards in Malaysia have been replaced with PIN-enabled cards.
“The vast majority (94%) of cardholders are already using PIN, with only 6% of PIN-eligible card transactions reported to be still using signature verification as at May 31,” Bank Negara said.
The central bank advised cardholders who have not converted their payment cards into PIN-enabled cards to contact their banks or non-bank payment service providers immediately for replacement as signature verification will no longer be accepted from July 1.
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