Public unawareness slowing down replacement of magstripe cards with EVM chip

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Staff Reporter
SHILLONG, Dec 23: With 31st December approaching, public are not only eyeing the New Year but also a different botheration with regard to their money. Nationalized banks have asked its customers to replace their old ATM cards with EVM chip based cards before the end of this year as per an RBI directive. The country’s central bank has asked scheduled commercial banks to ensure that their customers only use debit and credit cards with EMV chips considering the benefits. However, following a random survey it is learnt that many customers are yet to change their cards and there is huge lack of awareness among them in this aspect.

In order to provide additional security the EVM chip based cards were introduced, which will replace the existing magnetic stripe cards – that have been in circulation for a long time now. When asked, several customers expressed their ignorance that it is mandatory on their part to replace their magstripe cards. Many such customers have even observed that they should have been messaged by their banks to replace their old cards because there has been no such information from the side of the banks here.
Even bankers have acknowledged this fact that awareness level is quite low and the national average with regard to replacement of cards is swaying between 50 per cent and 70 per cent. To a query, a senior official of a nationalized bank branch here in the city observed that information, as such, regarding replacement of magstripe cards is there in the public domain.
Banks like, SBI has taken the social media to inform customers about this move. In a tweet, the bank said that customers can replace their Magstripe Debit Cards to EMV Chip Debit Cards free of cost, as per RBI guidelines, before the end of this year.
However, there are also those who are aware about this and said that they have come to know from the social media. Many have even gone ahead and changed their old cards with the EVM chip card which carries microprocessor data embedded into it and has all important information about the user. One such customer said that EMV chip cards protect users from ATM frauds like skimming and all should avail these cards.
Meanwhile, certain nationalized banks have already started this process no sooner the RBI issued a notification in this regard. Sources from the United Bank of India here has said that they have started issuing the new EVM chip cards in a suo muto action and has been sending these cards to customers’ addresses for several months now. Since, the old cards have to be done away with; the bank has initiated this process and has even informed customers through SMS.


 

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