Singapore's DBS Bank and its subsidiary POSB have issued more than six million chip cards during its "Great Singapore ATM Card Upgrade" campaign, which ended on Wednesday (11 February 2015).
Launched in August 2013, the campaign aimed to raise awareness among the public to switch from using swipe cards to more secured cards equipped with microchips. To further encourage cardholders to switch, the banks gave away a total of S$1.2 million worth of cash prizes to some lucky switchers.
Given the rise in card fraud, the financial industry has continuously improved on its technology to ensure the integrity of card payments and usage across different channels. This includes moving towards the use of chip technology that leverages cryptographic encryption, which makes it difficult for card data to be copied.
"Through the campaign, our customers have upgraded to more secure chip card options which will offer them greater peace of mind," said Jeremy Soo, head of Consumer Banking Group (Singapore) at DBS Bank.
Besides enjoying better security, DBSand POSB cardholders can also avoid any inconvenience when they travel to the 80 countries that accept chip cards. For countries that have not adopted chip technology, cardholders will need to enable the usage of magnetic stripe for all overseas transactions prior to travelling.
Both DBS Bank and POSB also held a grand draw last month, where one lucky cardholder, Wang Yi, walked away with S$500,000.
Winner of the grand draw of the "Great Singapore ATM Card Upgrade", Wang Yi, posing with the limited edition SG50 PAssion POSB Debit Card. Credit: POSB
One of the most popular cards that customers chose to upgrade to was the PAssion POSB Debit Card, which now has close to 200,000 cardholders. In conjunction with Singapore's golden jubilee (SG50), POSB will launch a new design for this card with additional benefits. The benefits include a free five-year membership, 100 free passes to various local attractions, 50 percent more cash back, and discounts on rates for local hotels under Far East Hospitality.
New cardface of the PAssion POSB Debit Card as part of SG50. Credit: DBS
Sign up for CIO Asia eNewsletters.