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May 23, 2016updated 04 Apr 2017 12:46pm

Nedbank launches chip-and-pin cards in Namibia

Nedbank, a South African lender, has rolled out chip-and-pin cards as part of its plan to phase out magnetic stripe cards in Namibia.

Nedbank, a South African lender, has rolled out chip-and-pin cards, as part of its plan to phase out magnetic stripe cards in Namibia.

Embedded with an integrated circuit (a chip), the new cards can be unlocked using a pin and is clone-proof. The bank is issuing the new chip-and-pin cards to its current account and savings account holders.

At any of the Nedbank bank’s branches, the accountholders can exchange their current magnetic stripe card with a chip card free of cost.

The new cards have a cash withdrawal limit of NAD3,000 ($192). It provides free text messages to track transactions, according to the bank.

The lender said that cards are also EMV compliant and can be used at any EMV-enabled ATM or POS terminal across the globe.

The Bank of Namibia has mandated that all cards issued by the financial intuitions, implement chip-and-pin technology by March 2017.

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