March 3, 2025
Banking institutions have started migrating to the EuroPay, MasterCard and Visa (EMV) chip technology, in compliance with Circular 859 from the Bangko Sentral ng Pilipinas that mandates the migration for all debit and credit card-issuing companies by January 2017.
The EMV-chip based payment card is recognized as more secure alternative to traditional magnetic stripe payment cards. Its “dynamic authentication” feature, which generates a unique transaction code, protects data against counterfeit fraud, skimming and other related attacks perpetrated on magnetic stripe payment cards. Read more about EMV and the ongoing migration here.