Papua New Guinea's leading bank, Bank South Pacific (BSP), has announced it will cancel all Kundu Cards held by customers. The cancellation will take effect on November 23, 2024. BSP customers with both a Kundu Card and a BSP VISA Debit Card are advised to transition to using their VISA Debit Cards exclusively after this date.
BSP has cited security concerns as the primary reason for discontinuing the Kundu Card. The bank has emphasized that moving to the VISA system will provide customers with enhanced protection and safety in managing their accounts.
Despite these assurances, some customers have raised concerns over the fees associated with using the BSP VISA Debit Card. The switch could lead to higher costs for account holders, adding financial strain due to transaction and service fees.
BSP's decision has sparked criticism from those who believe the bank is prioritizing profit over customer convenience. The added fees linked to VISA card usage have led some to accuse BSP of using the security measure as an opportunity to generate more revenue.
The bank, however, remains firm in its stance, encouraging customers to take advantage of the improved security features offered by the VISA Debit Card. BSP has yet to issue further details on how the changes will impact its broader services.
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