Chip-based Bankcard to replace ATM cards; RM8 annual fee...
Tuesday, November 12, 2002
RM8 annual fee for ATM convenience
KUALA LUMPUR: More than 11 million ATM cardholders will have to switch to the new Bankcard next year and pay an annual fee of RM8 for each card.
To be issued in the first quarter of 2003, the new Payment Multipurpose Card Card is chip-based with multiple payment applications, unlike the present magnetic strip ATM card.
Apart from normal ATM transactions, the Bankcard can also be used for electronic cash payment via either e-Debit or e-Purse. This will enable cardholders to pay for their purchases at participating retailers.
Chairman of Malaysian Electronic Payment System (MEPS), Datuk Amirsham A. Aziz, said yesterday that all ATM cardholders were expected to convert to the Bankcard by April.
“The Bankcard offers better security and has higher data and information storage capacity,” he said.
“Arrangements have been made to ensure that existing cardholders will be able to change their cards with as little hassle as possible. In the meantime, cardholders may continue to use their current ATM cards for transactions until further notice from their banks.”
Apart from the annual fee, customers will still have to pay RM1 for each inter-bank withdrawal through the Bankcard.