The Market Monitor Minding the Nation's Business
By Riza Lozada
RCBC Bankard credit cards are now embedded with Europay, MasterCard and Visa (EMV)-chip technology to comply with the Bangko Sentral ng Pilipinas’s (BSP) Circular 808, issued in August 22, 2013, requiring all BSP-supervised institutions (BSIs) to shift from the traditional magnetic stripe to the more secure EMV-chip technology by the start of next year.
Angela Mirasol, RCBC Bankard Services Corp. vice president and marketing group head, said cardholders can enjoy heightened security with the EMV technology. The design of the new RCBC Bankard credit cards includes four waves vectors and hexagons lining the top and bottom portion of the EMV chip embedded credit cards.
“As we start converting to EMV cards, it is very opportune for us to introduce a new card design, which conveys the exceptional benefits our cardholders get from their RCBC Bankard,” Mirasol said.
The BSP circular defines EMV, which stands for Europay, MasterCard and Visa, “a global standard for credit, debit and prepaid payment cards based on chip card technology. EMV chip-based payment cards, also known as smart cards, contain an embedded microprocessor, a type of small computer. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features.”
“Chip cards are a more secure alternative to traditional magnetic stripe payment cards,” the BSP said in its circular directing the shift to EMV technology.
The BSP supervised institutions, according to the BSP circular, are banks, non-banks with quasi-banking function (NBQB), non-bank electronic money issuers and other non-bank institutions which under BSP existing rules an regulations and special laws are subject to BSP supervision and regulations.
At the launchin[ g of RCBC Bankard credit cards with EMV chip, the four wave vectors were described representing the RCBC commitment to cardholders in securing better budget management, a rewarding credit card experience, world class travel privileges, and secure shopping, both in-stores and online.
“RCBC Bankard prides itself in developing award-winning budget management tools including the Spend Monitor, a free SMS alert feature that informs the cardholders once they are about to reach their predefined monthly budget. Spend Analyzer, which summarizes the cardholders’ monthly and year-to-date spending according to categories. Unli 0%,which allows cardholders to convert their straight purchases to three months 0% installment by simply calling RCBC Bankard’s Customer Service Number,” according to Mirasol.
“On top of all these, cardholders can enjoy heightened security with EMV technology. Unlike the traditional magnetic stripe feature, EMV chips randomly generate unique codes in every transaction, making it more challenging to duplicate and use. On the other hand, for online shopping, the solution lies in the ShopSecure feature which allows cardholders to nominate their online Personal Identification Number (PIN). Alternatively, they can get a Webshopper, a reference device specifically for online shopping.”
RCBC Bankard’s most flexible rewards program allows cardholders to shift from earning points, to earning AIRMILES, to getting cash rebates. Recently, it also introduced the All-in Rewards Program, which allows cardholders to earn points from partner establishments on top of the points that they earn from their card’s reward program. RCBC Bankard partner establishments include Petron, Figaro, Angel’s Pizza, Florsheim, Jellybean, Folded & Hung, Naturalizer, and the Cravings Group.
RCBC provides top-of-the-line travel privileges across all card brands-concierge service for info that they may be needed when traveling abroad, relax at the luxurious Miascor lounge at NAIA 1 while waiting for their flight, free travel insurance and Purchase Protection insurance for unforeseen events.
RCBC Bankard Services Corporation issues and manages the RCBC Bankard portfolio in behalf of Rizal Commercial Banking Corporation, one of Philippines largest private universal banks. RCBC and RCBC Bankard Services Corporation are members of the Yuchengco Group of Companies (YGC), a conglomerate composed of close to 60 companies across a wide spectrum of industries including banking, insurance, education, real estate, construction, information technology, energy resources, advertising, and more.