TO BATTLE IDENTITY THEFT Sterling Bank debuts card with EMV chip
Posted February 25, 2009on:
MAKATI, Philippines—Sterling Bank of Asia has release its first line of prepaid and debit Visa cards with EMV chip in the country.
EMV is a standard used in chip cards to work with point-of-sale terminals and automated teller machines that also support this standard. It is used to authenticate credit and debit card payments. EMV was previously known as the initial letters of Europay, MasterCard and VISA, the three original companies that jointly developed the standard.
“The cards will usher better financial management and more convenience as clients enjoy the combined benefits of a Visa prepaid or debit card. It’s a Visa ATM card that can function as plastic money via debit,” said Ferdinand La Chica, vice president and marketing group head.
The EMV chip is a 3 by 5 millimeter chip embedded in cards, which ensures greater security and global interoperability.
La Chica said the homegrown company’s membership under Visa allowed the company to integrate the EMV chip in its latest cards, along with the magnetic strip which is increasingly at risk of being manipulated for fraudulent activities, such as identity theft.
Citibank and Hong Kong and Shanghai Banking Corp. are now issuing credit cards with EMV chip in the Philippines.
Sterling Bank of Asia recently rolled out a remittance prepaid card for overseas Filipino workers and their beneficiaries through iRemit Global Remittance Co.
“OFWs need not open a bank savings account avail of the card since it is prepaid and they can transfer cash instantaneously from abroad to families in the country,” said La Chica.
The company said it will release 100,000 iRemit cards by year-end.
The bank later plans to double the number of its first release next year, according to La Chica during an interview with INQUIRER.net.
Other cards in the pipeline include a general-purpose prepaid card and a debit card, both with EMV chip, as well as a loan card and gift card.
“We are bullish about the uptake of these cards in the market because it offers cashless convenience and enhanced security to clients.”
Oberthur Technologies manufactured the ShopNPay prepaid and debit cards for Sterling Bank of Asia.