Banks Fail To Switch From PIN ATM to CHIP ATM

From today, the magnetic strip ATM cards will not work across the whole country. This notification was directed by the State Bank of Pakistan. More so, the banks were directed to shift to Europay Mastercard Visa (EMV) compliant cards or Chip-Based cards before the new year 2020 starts.

However, this has been fatigue for customers who had to go through the frustrating process of poor customer services. Many customers had reported that they waited for hours to be catered by their concerning customer services.

State Bank of Pakistan is expected to extend the deadline. More so, many believe that SBP is not to blame here. SBP directed all the banks to make the switch by June 30, 2019. The date was extended to December 31, 2019, which was a period of six months.

Banks are not able to follow the direction which is causing so many problems for the customers.

The main reason for this clamping down of PIN cards was the hacking of HBL accounts which caused a loss of Rs.10.2 million.

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