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Monday July 05, 04:41
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Taiwan Banks Now Issuing Chip-Based ATM Cards
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Under a directive by the Bankers’ Association of the Republic of China, Taiwan’s banks are to issue chip-based ATM cards from next month as part of a co-ordinated move against card fraud. From next year, the 64.5 million mag-stripe ATM cards used in Taiwan, will be phased out. Banks like Taiwan Cooperative Bank and Bank of Taiwan are expected to issue combined IC (integrated circuit) cards, which fuse ATM, credit, cash-advance, stored value and smart debit functions on one card. Chinatrust, which is to convert 2 million cards by end-2004, will issue only chip-based cards for ATM, deposit and securities transactions.
As of June 25, 2004, 73 per cent of Taiwan’s ATMs (14,550 in all) had been upgraded to accept chip-based cards but Fubon Bank does not plan to begin converting its mag-stripe cards until its formal merger with TaipeiBank on January 1, 2005. Debit card use in Taiwan rose by over 60 per cent in 2003 in terms of transaction value, volume and cards, and was fueled by the availability of integrated ATM/debit cards. Increasing consumer sophistication and merchant acceptance rates are also driving Taiwan’s payment card usage, which in turn is boosted by promotion from card issuers and service providers.
(The Taipei Times)
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