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BoI mandates migration to EMV

August 21, 2013

Israel's supervisor of banks David Zaken has issued an order for banks and credit card customers to migrate to EMV-enabled chip cards within three-and-a-half years. The banks estimate the cost of the switch to smart credit cards at tens of millions of dollars or more.

According to a report by Globes, the Bank of Israel said the migration to EMV was meant to reduce credit card fraud. It will also end restrictions on the use of Israeli bank cards in other countries where smart cards are the norm.

Read more about EMV.