The Presidents/CEOs
All Banks/ MFBs

Dear Sir / Madam,

Security of Digital Payments

Please refer to PSD Circular No. 09 of 2018 dated November 28, 2018 on the subject of ‘Security of Digital Payments’.

2. With regard to Point number (vi) of the above-referred Circular, card-issuing banks/MFBs shall now replace all existing payment cards (except social transfer cards) with EMV chip-and-PIN payment cards by December 31, 2019.

3. Further, in order to facilitate banks/MFBs for smooth and uniform implementation of the instructions contained in PSD Circular No. 09 of 2018, Frequently Asked Questions (FAQs) are being issued. The FAQs will be updated as and when required.
4. All other instructions of PSD Circular No. 09 of 2018 shall remain unchanged.
Please acknowledge receipt.

Please also see: PSD Circular No. 09 of 2018 issued on November 28, 2018