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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 and Benefits

1. 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 memorize your PIN. Moreover, your signature may get forged, but no one can know your PIN unless you disclose it to someone.

2. 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, as many will make use of tech available from financegab.com to make smaller purchases like laundromat uses all go through the contactless card.

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

3. 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.

4. 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 are 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 good. So, use it to your advantage in the best possible way to experience safe banking.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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