Currently, local banks issue both chip and magnetic strip cards.

The draft regulation aims to help meet the country’s approved roadmap of replacing all current magnetic strip cards with chip cards by December 31, 2021.

A chip card is a standard-size plastic debit or credit card which contains an embedded microchip as well as a traditional magnetic stripe. The chip encrypts information to increase data security when making transactions at stores, terminals, or automated teller machines (ATMs).