Magnetic card holders told to make the switch to chip card
Siritida Panomwon Na Ayudhya, the Bank of Thailand's Assistant Governor/ Payment Systems Policy and Financial Department, said the central bank in cooperation with the Thai bankers Association, and financial institutes have been urging card holders to change their magnetic cards to chip cards, in order to enhance safety in credit and debit card usage and prevent counterfeit card fraud and skimming.
The switch is expected to be completed this year, given 47 million magnetic cards have already been converted to chip cards, leaving a balance of 20 million.
A magnetic cardholder can show up at all branches of his/her respective bank and financial institution for the replacement on presentation of the individual's ID card, existing magnetic card, and bankbook free of charge.
After January 15, 2020, all magnetic cards will become invalid.
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