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Beginning today, all commercial banks will replace all their magnetic stripe cards issued to customers with the securer chip cards.
They will be all replaced by chip cards by the end of December 2019.
According to the Bank of Thailand’s deputy governor Mrs Thongurai Limpiti, commercial banks have so far improved and replaced up to 80-90% of their systems and machines that could read the chip cards.
By the end of this year, she said all old machines are expected to be replaced with new machines.
She said the new credit and debit cards with chips would be more secure than magnetic cards which are vulnerable because once thieves get a copy of your credit card information, it can be quickly copied onto counterfeit cards.
But chip cards are harder to duplicate, she said.
All banks in Europe have already switched to the computer chip cards, while Malaysia switching to the new card in 2004, and Singapore in 2010.
However she said chip cards could not prevent duplication 100% because thieves also developed their techniques to catch up with the change.
Thai Bankers Association president Preedee Daochai, also Kasikorn bank president, meanwhile, said all commercial banks have now replaced up to 86% of their existing 60,000 ATMs for chip cards.
Fee for card change may differ for each bank, but it will not increase from the present rate, he said.
For Kasikorn bank the fee for debit card will be 200 bath plus 100 baht for first registration, he said.