OREANDA-NEWS. December 30, 2010. AS “PrivatBank” informs that in February 2011 all payment cards issued by the bank will be replaced with the smart-cards. This process will be carried out gradually, and the card holders will receive information about the new smart-cards and when to receive them in the most convenient branch starting in January 2011.

Substitution of cards is related to the wish of commercial banks and merchants of Latvia to increase security of payment cards, as payment with the smart-card can be confirmed by entering the card's PIN known only to the card holder. On the other hand, in order execute payment with the magnetic stripe payment card, merely a signature of the card holder is required. From January 1, 2011 all merchants of Latvia will introduce new point of sale terminals that accept smart-cards, thus AS “PrivatBank”, taking care of its customer's safety, will also substitute payment cards for the smart-cards.

There are some minor changes in the transaction process by means of magnetic stripe payment cards using the new point of sale terminal:

1) after swiping the card through the magnetic stripe reader the last 4 digits of the payment card must be entered (it can be done by the merchant, too),

2) after execution of transaction the card holder must sign the receipt provided by the merchant.

AS “PrivatBank” would like to remind you that shops and points of service accepting cards with VISA logo, do not have any grounds to decline transactions using magnetic stripe payment cards (except cases when the point of sale terminal technically can accept only smart-cards). If you encounter such a situation, please inform AS “PrivatBank” by calling toll-free telephone number: 80001515, or by e-mail: welcome@privatbank.lv

With regard to cash withdrawal from ATMs there are no changes both for the magnetic stripe payment cards and the smart-cards.