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Magnetic-strip cash cards on way out

The nation's Bankers' Association (銀行公會) yesterday announced that the use of magnetic-strip cash-withdrawal cards among different banks will formally come to an end on March 1 next year to promote circulation of the more secure integrated-circuit (IC) cards.

According to the association's statistics, inter-bank transactions conducted by IC-embedded cards between Aug. 5 and Sept. 8 accounted for more than 75 percent of all bank-card inter-bank transactions, implying that most people have already been issued with the new IC cards and started using them, the association said in a press release yesterday.

Based on the association's original agreement with the banking institutions, it had planned to start implementing this new policy on Jan. 2 next year.

However, considering the fact that the Lunar New Year holiday falls between Jan. 28 and Feb. 2 next year and that inconveniences might arise for those who haven't obtained the IC cards, the association has decided to postpone the implementation date to March 1.

After the new policy is put into practice, traditional magnetic-strip bank cards will be limited to only withdrawing cash or transferring money from own-bank automatic teller machines (ATM).

The association suggested that consumers who have not exchanged IC cards with issuers contact their banking institutions to ensure smooth financial transactions.
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