Bó, the digital banking app of RBS, has asked over 6,000 of its customers to destroy their cards in a bid to meet new EU banking rules.
These cardholders who signed up to the app before 3 January will be reissued debit cards, noted This is Money.
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The re-issuance is an effort to ensure Bó’s adherence to customer authentication norms.
In order to address security concerns, the rules encourage the more frequent use of chip and pin machines by cardholders instead of contactless at all times.
Bó stated: “The new cards will message the customer via the pay terminal when they need to make a chip and pin transaction.
“We’ve chosen this option because we believe it provides a better customer experience.”
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By GlobalDataBó went live at the end of 2019 in the App Store and Google Play and comes with a bright yellow Visa card.
It runs on an IT system that is separate from RBS and NatWest brands.
The cloud-based digital bank enables users to manage their spending by creating a spending budget, providing instant alerts after card usage, and setting goals. However, the bank does not provide interest on deposits.
Notably, Bó CEO Mark Bailie will step down later in 2020 as part of a reorganisation of ranks under new RBS CEO Alison Rose.
