Panama: Microchips on Bankcards

All banks in Panama must have integrated circuit technology by December 20, 2014, with an option existing to take an additional three months, until March 2015.

Thursday, November 6, 2014

Debit and credit cards must have a microcircuit or chip system which provides more security and more storage of user information with the aim of "... Checking by means of cryptographic procedures, that the card and point of sale where it is used are valid, before carrying out electronic banking services. "

The deputy director of risk at Visa Mexico and Central America Jose Santillana told Panamaamerica.com.pa that "... Cloning fraud has been increasing rapidly in recent years, in Panama 80% of fraud is done by card cloning. "

'... Experts say that although it is an obligation that banks implement this service in Panama, there are only a few who are issuing these to the public, therefore it is estimated that the majority will be ready in March next year at the national level. " '... According to statistics from the company Telered SA Panama will have to replace 1.6 million key cards. "



More on this topic

Panama: Visa and MasterCard Cards with Microchips

November 2013

The Panamanian company Telered has been accredited by Visa and MasterCard to process transactions with the new EMV interoperability standard.

Telered has the backing of both brands to perform transactions with the new interoperability standard EMV (microprocessor chip cards).

Smart Debit Cards in 2014

September 2013

The Panamanian Electronic Payments Network has invested $7 million in a new technology platform that will incorporate debit cards which use chips, and is expected to be operational from January 2014.

This was announced by the CEO of Security and Fraud Prevention, Abdy Sanjur.

Microchip Cards Announced in Guatemala

July 2012

Visa has announced it will begin in Guatemala the process of eliminating magnetic stripe cards and replacing them with ones that have chips.

Guatemalan financial institutions are working on building the infrastructure necessary to meet this new technology, said the executive director of Visa Central America, Roger Sanchez. The delivery of the first chip card is scheduled for early next year.

Guatemala: Payments Using Cell Phones and Cards

April 2012

Visa Payments and Transfers is a system that allows transferring funds or making payments from cell phones using debit or credit cards.

Visa Inc. has developed a technology for making payments and debit card and credit transactions from phones that will be used in Guatemala for the first time in Latin America.

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