Banking

What You Can Expect from PIN & Pay Cards

Based on the latest payment security standards and Bank Negara Malaysia’s mandate, the PIN (Personal Identification Number) and Pay verification process has been introduced to replace the signature-based system for good. This move has resulted in increased security for both debit and credit cardholders.

Read on to learn more about PIN and Pay cards and their benefits.

What Is a PIN and Pay Card?

A PIN and Pay card allows you to pay for all your purchases made at POS terminals by entering a 6-digit PIN, that is known only to you. Signatures are no longer required to complete a transaction. A PIN-enabled card guarantees more security and a hassle-free payment process.

Features & Benefits

Security

This feature offers a higher level of security. If by chance, your card is lost or stolen, no one can use your card unless they are aware of your PIN. Hence, it is advisable to memories your PIN. Moreover, your signature may get forged, but no one can know your PIN unless you disclose it to someone.

Contactless Payment

Most PIN-enabled cards have the contactless payment feature, where you just have to tap or wave your card on the reader. Besides making payments convenient and simple, this feature also reduces your need to visit ATMs.

Moreover, the contactless chip technology enables you to avoid standing in long queues at any checkout counters. Tap your card whenever you see the contactless symbol. This will not interrupt your existing card usage including the auto debit transactions.

Convenience

Entering a PIN is easier and faster than signing on a piece of paper. Apart from decreasing cashier involvement in the payment process, it also gives you better control over handling your credit card as you just have to enter your PIN on the PIN pad.

Environment Friendly

Using this card reduces your dependency on paper as you do not need paper receipts every time.

When Do You Need to Use Your PIN?

  • Regular purchases made at Point of Sale (POS) terminals.
  • Cash withdrawals at ATMs.
  • First time login at any bank portal.
  • Overseas transactions in countries such as Australia, Europe, and New Zealand.

Safety Tips for Your PIN and Pay Card

  • Never keep a written record of your PIN. Your memory is the best place to keep it.
  • Do not use any numbers that are related to you such as your anniversary date, birthday, birth year and phone number.
  • Never reveal your PIN to anyone no matter how close that person is to you.
  • Do not allow anyone to see your PIN when you enter it.
  • Inform your bank immediately if you think that someone might have seen your PIN.
  • Check your bank statements and transactions frequently to recognize any suspicious or unauthorized activity.

Also Read: Credit Card or Debit Card, Which one is Better?

Changing to the PIN & Pay cards is for your own good. So, use it to your advantage in the best possible way to experience safe banking.

About Damia Zara:

I am Damia Zara an avid reader and a prolific writer. An Investment Banker by profession and a writer by passion. I am crazy about playing outdoor games and X-box.

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About Ajeet Sharma

My Name is Ajeet Sharma Financial Blogger & Founder of Financegab.com. We are a personal finance blog dedicated to personal finance & financial planners. The main aim of this blog is to help people to informed financial decisions.
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