BCR has budgeted EUR 3.5 – 4 M for switching from magnetic band to chip memory cards and will stop issuing the old car type at the end of the first quarter of 2010, said Igor Zganjer, Director Executive of the bank’s Cards Directorate, according to Mediafax. Zganjer has also announced that, as of Monday, BCR would be issuing the BCR Visa Electron debit card equipped with chip memory and said that all bank’s ATMs are chip compliant. He noted that the migration to chip cards would be completed by the end of Q1 2010, until when magnetic band cards will continue to be issued.
Zganjer mentioned that the EUR 4 M investment does not include ATM and merchant POS upgrading costs. He explained that the cost of the chip cards is three or four times higher than the cost of magnetic band cards.
The BCR chip cards will be given to their holders within four days of signing the application, within a partnership with Inform Lykos Romania, who has a daily output of 12,000 cards and a weekly output of 60,000.