UAE Central Bank extends deadline to implement chip and pin

Abu Dhabi: The UAE Central Bank has extended its deadline for banks around the country to implement the Chip and Pin technology on all their credit cards and debit cards to December 31, 2014, sources told Gulf News.

The technology will require card owners to enter a six-digit pin code upon making any purchases with the cards, and aims to reduce fraud.

According to sources at the Central Bank that chose to remain anonymous, the system will require banks to issue their users new credit cards and debit cards, which have an embedded microchip that requires anyone using the cards to enter a pin code.

The code is checked against the one stored on the card, and if both match, the transaction will be finalised.

The Central Bank first announced it would implement the technology in 2009 without specifying a timeline, and said the move is part of efforts to keep up with global industry trends intended to reduce the risk of fraud.

Such technology has already proved to be successful in reducing fraud in other countries around the world, mainly in Europe.