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Sterling Bank embeds its debit and prepaid cards with EMV chip for greater protection against fraud Monday, May 13, 2013

Publication: Malaya Corporate News

When one avails of a banking product, one of the things foremost in their mind is security. With today’s growing concerns on ATM card fraud, it is integral that every effort to ensure financial security is carried out. With Sterling Bank of Asia, the bank did not only ensure development of an excellent product but also took the extra steps to provide greater security by investing in the EMV chip when it launched the ShopNPay Visa Debit and Prepaid Card in 2008. Sterling Bank of Asia prides itself in being the pioneer in issuing Visa EMV chip cards in the Philippines.

Sterling Bank of Asia’s ShopNPay Debit and Prepaid Cards are the first locally-issued Visa debit and prepaid cards embedded with an EMV chip. EMV which stands for Europay, Mastercard, Visa is the global standard for chip-based credit and debit transactions. Compared with the existing magnetic stripe cards, the computing power of the chip ensures security and global interoperability so that Visa cards can be accepted around the world.

The EMV chip provides greater protection against fraud especially counterfeit because it reduces losses from skimming, which is copying of the contents from a magnetic stripe.

The EMV chip provides unparalleled protection because each transaction goes through a unique authentication process which prevents card information by being copied and subsequently used to transact fraudulently. Therefore, ShopNPay Visa Debit and Prepaid Cardholders can enjoy peace of mind with every purchase they make in over thirty million Visa merchants and every cash withdrawal at the 2 million ATMs located in 200 countries and territories worldwide.

The chip can also provide a competitive advantage as it can support applications such as secure internet access for e-commerce, loyalty schemes and secure site access.

Using chip cards may also offer long-term cost savings as at they are more robust than magnetic stripe cards, thus the frequency of replacing the cards is reduced.

On top of that, the EMV chip also opens new merchant segments deemed too risky for credit and debit programs or which were unwilling to accept credit or debit cards because of the time required for an online authorization.  Cardholder activated terminals, kiosks, cash-based merchants, e-commerce and markets with poor telecommunications can now be considered for Visa acceptance.

The EMV chip embedded in the ShopNPay Visa Debit and Prepaid Cards allow for greater security, new payment options and services, more convenience and choice.

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