Why forcing me to change all my cards? All because of this symbol?

Many of us are being forced to change all of our credit cards starting this month. Why? It's all because of the new contactless feature as guided by Bank Negara Malaysia. Since we can't change the fact, then let us understanding what's the new feature?

All because of this symbol ???

This is a contactless card via a new feature called "payWave" by VISA or "payPass" by MASTER that lets you make purchases faster, easier and more convenient with just a tap of your contactless-enabled card. It's all wireless without direct contact between the merchant terminal and the card. In order to make payment, you simply need to tap your card with a contactless interface to the terminal reader when prompted.

How do I know that my card is contactless-enabled?

Just refer back to your card with the universal contactless symbol as shown.

How close should I place my card? Is it dangerous?

No worry. You must hold your payWave-enabled card within 4cm of the card reader when making payment. Moreover, each contactless transactions includes a unique code that changes with each purchase, which can only be used once and can only be generated by the chip in the card.

Is there any limit per transaction?

Yes. In order to avoid fraud or unauthorised purchases made, your signature or PIN is required for contactless transactions above Rm250 in Malaysia.

Clarification: (as at Aug 2016)
Under the new guideline issued by Bank Negara Malaysia, ALL the payment cards (Debit or Credit) MUST use PIN-and-PAY system (meaning you need to key in the 6-digit PIN number set by you) for all transactions above RM250 after 1st July 2017. However, you are required to replace your existing cards to the new PIN-enabled card by 31st December 2016.

Please take note...