The State Bank of Pakistan (SBP) has rejected reports that ATM cards with magnetic stripe have stopped working since December 31, 2019 terming it ‘baseless rumors’.
In a statement the central bank said that it has not issued any such instruction to card issuers (Banks/MFBs). “Customers who have still not received their Europay Mastercard Visa (EMV-Chip and PIN) cards can continue using their existing magnetic stripe cards till the time they have received and activated their new cards. However, based on activation and delivery trends, the card issuers may block existing magnetic stripe cards to ensure complete migration to EMV (Chip and PIN) at a future date.”
SBP further recalled its PSD Circular Letter No. 09 of 2018 under which it had advised all Banks/MFBs to re-card their existing card portfolios to EMV chip and PIN by June 30, 2019. “However, upon the request of the industry the timeline was revised to December 31, 2019 vide PSD Circular Letter No. 01 of 2019,” it said.
SBP has also allowed numerous Banks/MFBs to utilize Alternate Delivery Channels (ADCs) other than call centers like Mobile Banking, Internet Banking and ATMs etc. for payment card activation purposes.
The central bank further said that it has not issued any warning related to fake serial numbers of banknotes.
Apropos the rumors circulating on social media and being attributed to the State Bank, regarding circulation of Rs 500, 1000 and 5000 banknotes with fake serial numbers, the SBP categorically rejects all such rumors and requests the general public to pay no heed to such disinformation.
The general public is therefore advised not to pay heed to any such rumors which are aimed at creating unnecessary hype and anxiety, said State Bank.