THE Bank South Pacific will offer chip enabled cards to its Mastercard customers, giving added security to all payments.
According to the bank, this new enhancement will be implemented to counter and protect customers and the bank against security breaches and counterfeit card fraud.
The chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards.
These chips are known as EMV (Europay, Mastercard and Visa) chips.
EMV is a global standard for cards equipped with computer chips and technology to authenticate chip card transactions.
Craig Kirkland, the director of Pacific Islands at Mastercard, said: “BSP’s EMV and contactless deployment will deliver an exciting step in the payments evolution for Papua New Guinea cardholders, merchants and the country itself.
“These advancements that BSP are delivering are world-class, both from a risk perspective and an innovative capability on which to build from.
“Mastercard is delighted to partner with BSP in delivering innovation, security and global interoperability to PNG consumers and businesses.”
The bank also has all its ATMs and Eftpos terminals EMV chip-compliant, meaning people can acquire and process payments done using EMV chip cards delivering enhanced security capabilities such as touch-and-go.
BSP’s general manager Corporate Banking, Peter Beswick, advised all corporate customers to collect and activate their new chip cards as soon as possible.
The card needs to be authenticated before use, by doing a PIN-based transaction at either an ATM or BSP Eftpos terminal.
Mastercard chip cards have a new look and feel with an EMV chip embedded and contactless capability.