Tan Nyat Chuan, Director of the Payment System Policy Department at Bank Negara Malaysia said that credit card holders will be given six months, starting January 2017, to familiarize themselves with the new system before it is implemented on July 2017.
“The targeted completion of the infrastructure rollout and card replacement is expected by Dec 31, 2016,” said Tan.
With the new pin and pay system, PIN enabled cards allows users to make a purchase without a signature. Instead, it uses a six-digit PIN. This new payment method is said to be more secure and safer than the current system.
Tan said that 44.3 million cardholders would be able to enjoy the new system, and added that by January 2018, cardholders will be able to pay for low-value transactions via a ‘tap-and-go’ system.
He said this at a roadshow jointly organized by Bank Negara, the Association of Banks in Malaysia, and the Association of Islamic Banking Institutions, in Miri Sarawak.