BSP CIRCULAR NO. 859

: The main purpose is to strengthen the electronic retail payment network and protect the public against payment card fraud through the implementation of EMV chip-enabled technology.
: EMV stands for Europay, MasterCard, and Visa, which refers to chip-enabled technology for payment cards.
: It encourages migrating from magnetic stripe payment technology to chip-enabled EMV technology.
: The guidelines cover debit cards used in any card-accepting devices or terminals.
: The Monetary Board of the Bangko Sentral ng Pilipinas approved the issuance.
: BSP sets expectations for risk management during the migration to EMV technology to reduce card fraud and maintain interoperability of payment networks.
: It was approved pursuant to Subsection X177.7 of the Manual of Regulations for Banks.
: The circular was filed on December 3, 2014, marking its effectivity.
: The benefits include safeguarding customer information, reducing card fraud, and maintaining payment network interoperability.
: They are intended for the financial industry, particularly banks and card-accepting terminal operators, to guide EMV chip migration.