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PSBank plans mass deactivation of non-EMV cards

July 11, 2017

The Philippine Savings Bank has announced that it will automatically deactivate non-EMV cards on Sept. 1, a highly unusual move by U.S.-based bank standards.

A statement on the PSBank website said that in line with implementation guidelines from the central bank of the Philippines Implementation Guidelines, it is replacing all ATM, Flexi personal loan, prepaid and debit MasterCard cards. ATM cards will be replaced with MasterCard debit cards, the bank said.

PSBank will replace existing nonchip cards at any PSBank branch at no charge, upon presentation by the customer of a government-issued ID and their old card. Because the cards are pre-activated, the bank has said that it will not mail cards to cardholders. Flexi personal loan cards and their accompanying PINs will be separately delivered to accountholders by courier.

Replacement cards are immediately usable at POS terminals and at the bank's approximately 600 EMV-enabled ATMs.

The dual interface cards offer cardholders the additional capability for tap-and-pay transactions with merchants who offer the service, the bank said on its website.