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The Association of Banks today lauded petrol companies
for their support of the National Chip Migration Project,
which aims to move Malaysia to a chip platform for credit
cards. To this end, petrol companies including BP, Caltex,
PETRONAS, Projet and Shell, will equip their stations
with in-store chip-enabled terminals while the upgrade
to chip-enabled petrol pumps will take place progressively.
Mrs
Wong Suan Lye, Executive Director of The Association
of Banks said that while the chip migration project
is initiated by the banks, it is encouraging to see
the support from other partners, namely petrol companies,
who also recognise the importance and success of this
nationwide rollout. "We are very happy to have
the support from petrol companies and are appreciative
of their efforts, as we note that the upgrade to chip-enabled
terminals at petrol pumps is a complex yet worthwhile
procedure."
This
project is an initiative by the banking industry and
led by The Association of Banks, to upgrade all credit
cards and credit card terminals in line with the nationwide
exercise to move to a chip-based platform as of January
1 2005. Working towards this, the Association of Banks
has garnered the unified commitment of all participating
banks, credit card issuers and petrol companies. With
this exercise the industry has committed an investment
of RM 400 - 500 million with no costs to credit cardholders.
According
to Mrs Wong, "The move to a chip-based platform
is a logical step forward, given the advanced security
features of the chip technology. This exercise will
act to overcome credit card misuse and fraud, and will
therefore provide Malaysians and tourists alike with
a more secure credit card environment."
PETRONAS,
who have indicated their readiness to handle chip-based
transactions at all their pay-at-pump terminals and
sales counters, are very supportive of the project.
"The use of chip-based credit cards at PETRONAS
service stations will directly benefit customers as
these cards are equipped with enhance security features,
making them a safer and more reliable payment tool for
the public," explained En Ibrahim Marsidi, Managing
Director/Chief Executive Officer of PETRONAS Dagangan
Berhad.
Commenting
on the exercise, Mohzani Wahab, the Managing Director
of Shell Malaysia Trading Sdn Bhd said, "To this
end, Shell Malaysia is committed to ensuring a smooth
migration process. We have already ensured all our petrol
stations are equipped with an in-store chip-enabled
terminal while progressing with the upgrade of all outdoor
petrol pump terminals."
Mr. James Khoo, General Manager, Retail at BP added,
"We support the initiative to employ chip technology
in credit cards to provide customers with a more secure
payment alternative. We assure motorists seamless transactions
at our petrol stations."
Mr.
Khoo Thian Choe, the General Manager of Marketing and
Country Chairman for Caltex, are equally supportive
of the exercise. "We will certainly ensure a smooth
migration process to be EMV compliant by 1st of January
2005 through our 'Enhanced Security Payment Terminals'.
Protecting the safety and security of our customers
and the public is paramount at Caltex Oil Malaysia and
together with our service station retailers, we will
ensure a seamless transition to EMV acceptance at our
forecourts and our Starmarts," he explained.
Mr.
Matthew Selbie, the Managing Director of Projet commended
ABM for taking the lead to drive this project on a national
level, as it is clear it will result in a better, more
secure credit card environment. "We are committed
to this upgrade, and have ensured readiness to receive
chip transactions at all Projet petrol pumps come January
1 2005."
The
Association of Banks emphasises that The National Chip
Migration Project is a positive move that would promote
greater confidence for the use of credit cards throughout
the country, including at all petrol stations.
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