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MANILA - The Department of Trade and Industry declared that the public will not be able to use ATM and credit cards with magnetic strips starting next year.
According to Usec. Ted Pascua of the DTI, they already informed banks and other financial institutions to change their machines for credit cards and ATM that are still using chips.
Usec. Pascua believes that it would be difficult to copy what is inside the chip inside the data that is included in a magnetic strip.
The DTI official added that the public should also start exchanging their bills and coins because they can no longer use these denominations starting next year.
Meanwhile, Pascua also made a clarification that the amount of the product should be the same for payments being paid in cash and or credit cards.
According to Usec. Pascua, if an establishment provides discounts for cash payers, this should also apply for credit card users.
Usec. Pascua said that the DTI is focused on these kind of transactions but they remain mum on what action they will impose in order to stop this.
Also, it is the buyer’s right to receive receipt even if the transaction happened online.
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