Bank South Pacific (BSP) launched the new BSP chip enabled Visa Debit Cards on Thursday 9th of November, 2017 at its BSP First Lounge at the Ravalien Haus, Port Moresby.
This new enhancement has been implemented, to counter and protect customers and the bank against security breaches and counterfeit card fraud.
BSP CEO, Mr Robin Fleming was present at the launch and gave a product background saying, "Most major card issuers around the world have migrated to this new technology to protect consumers and reduce the costs of fraud and BSP proud to migrate into this new technology."
These chips are known as EMV chips. EMV - which stands for Europay, Mastercard and Visa - is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.
Earlier, Mr Fleming also announced at the BSP Quarter 3 Financial Presentations at Ravalien Haus, Port Moresby that, "these new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to counterfeit cards. It's used worldwide and is an important step forward for BSP."
Present at the Launch on Thursday night was BSP Brand Ambassador and Captain of the PNG Kumuls, David Mead who also applied for a New Visa Debit Card.