HSBC introduce chip and pin debit cards
New-style microchipped debit cards to provide better security and contactless payment are being sent out to customers of HSBC Bermuda.
The bank issued credit cards with chip and pin technology two years ago, following the introduction of the technology by Butterfield Bank and Clarien. It has now extended the technology to its Visa debit cards.
The cards feature an embedded and encrypted microchip for data storage that is said to be “virtually impossible” to reproduce. The chip allows for payments to be made simply by holding the card near a terminal, known as an RFID reader, which picks up a signal from the card. This does away with the need for the card to be swiped through a card reader. The card holder enters their personal identification number — pin — to complete the transaction.
HSBC is advising customers that the new cards will have a different expiry date to the old-style debit card they replace, therefore customers should notify vendors, such as Belco, of the new expiry date if they have an standing orders or recurring payments set up on them.
The bank said all its existing Visa debit cards will be replaced by the end of October.