Alexander Falev
CEO, ROSGOSSTRAKH BANK
Provided that the respective amendments to the provisions of the Central Bank (382-P), be accepted for sure, then the process of transition to a chip will be quite expensive.
Implantation of the chip increases the cost of each card for the amount of from 15 to 50 rubles. The cost depends on the circulation, type of chip, the presence of antennas etc. The main advantage that the bank and its customers are obtaining is a sharp increase in the security of transactions, as well as the return of the amounts to the bank (and the client) that were stolen from the card in devices that work exclusively with a magnetic strip.
In addition, it should be understood that apart from equipment of cards with chips, you need to equip the departments with ATMs, which could read them. Also, the Russian market is still lacking developed infrastructure, which could support chip cards.
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Irina Simakova
Deputy CEO, OJSC Pervobank
This will increase the cost of issuing of the cards – the blank cards with chip are almost twice as expensive. The rest of the costs will depend on the practice of an individual bank. In particular, we do personalize cards, and we have no additional costs associated with the personalization of the chip, which is possible with the other banks.
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Denis Khrenov
Senior Vice-President, Intercommerce Bank
Majority of Russian banks, being concerned about the safety of their own funds and ensuring safe use of card by the customers have long ago switched to cards with the use of microprocessor technology (chip card). We currently are changing the card with a chip to similar technology of mobile proximity payments, and, the customers who have expressed a desire to replace it before the expiry of the current card we would make the replacement for free. In our opinion, it is necessary manifestation of loyalty in response to the interest in our financial services and products.
The cost of the card with the chip is indeed higher than the usual magnetic stripe cards, but on the other hand, both amounts are insignificant compared to the cost-effectiveness of card products, and it is quite insignificant in terms of quality of customer service, which is based on the protection of funds entrusted to us.
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