Replacing magnetic cards will cost banks zł. 130 million

Banks have until 2005 to replace their traditional plastic card with a magnetic strip with new ones based on a chip. However, most of them are dragging their feet as the cost of introducing the new card is up to ten times higher than the old cards. So far the only banks to have had a go at the innovation have been Kredyt Bank and BRE, but the switch over is inevitable as under VISA and MasterCard security policy all cards have to work under the new EMV security standard based on electronic chips. Although the average cost of a chip inserted on a card appears to be around two euros, replacing the 14.5 million cards present on the market will cost almost zł. 130 million. Hardest hit will be PKO BP which will have to replace its four million free debit cards. (Puls Biznesu, p. 9) J.K.