"magnetic card"

The deadline for switching from magnetic ATM cards to chip cards is coming closer and after January 15, all magnetic cards will become invalid, Siritida Panomwon na Ayudhya, Bank of Thailand Assistant Governor of Payment Systems Policy and Financial Department, said.

Siritida Panomwon Na Ayudhya, the Bank of Thailand's Assistant Governor/ Payment Systems Policy and Financial Department, said the central bank in cooperation with the Thai bankers Association, and financial institutes have been urging card holders to change their magnetic cards to chip cards, in order to enhance safety in credit and debit card usage and prevent counterfeit card fraud and skimming.

The Thai Bankers' Association (TBA) will ask the Bank of Thailand (BOT) for a postponement of the deadline on the switch from magnetic ATM cards to chip-based cards from December 31 to January 15, 2020, citing high usage over the year-end period.