The cards Steward bank’s customers currently hold are called Magnetic stripe cards whilst the new cards they should collect are called EMV cards or Chip and Pin cards.
Steward Bank says customers must collect Chip and Pin cards otherwise they risk failing to make purchases with Magnetic stripe cards they currently have as they are being phased out on 31 August, nexth month.
…everyone must change his/her card for additional security within 60 days of the official launch. After that period all magnetic stripe cards will be blocked and will not work anymore.
Why Steward is phasing out than Magnetic Stripe cards
Well, Chip and Pin card or EMV cards are more secure than Magnetic Stripe Cards when it comes to card cloning. In other words, the current Magnetic Stripe Cards can be cloned, resulting in your money getting stolen by scammers. But scammers can’t clone EMV cards.
So, that is why Steward bank wants its customers to replace current Magnetic Stripe Cards with the more secure EMV.
Requirements to get Steward Bank’s EMV card/Stripe and Pin Card
Steward Bank customers will need to visit a Steward Bank branch with the existing Magnetic stripe cards, your National ID, and your account details.
Do I pay?
Yes, you pay ZWL$ to get the EMV card.
When do I get the EMV card?
The card is issued instantly.
How do I activate the card?
According to Steward Bank, you can activate the EMV card “by setting of PIN on the POS machine or one can activate the card on the *236# platform depending on account type”.
How does the card work?
The current Magnetic stripe cards are swiped on a POS machine in order for customers to make purchases. But with EMV cards, they are dipped or inserted in a POS machine in order to make a purchase.
So will I be able to use the EMV card anywhere?
Yes, Steward Bank’s EMV card allows you to swipe on existing POS machines in addition to dipping or inserting them on POS machines. In essence, the EMV cards are “equipped with both chip and magnetic-stripe functions”.