The Monetary Authority has launched a Code of Practice for Payment Card Scheme Operators. It sets out general principles covering operational reliability, data and network security, and the efficiency and transparency of payment-card operations.

The authority's Executive Director (Banking Development) Raymond Li said the code will boost public confidence in using credit and debit cards.

The code was drawn up by American Express, China UnionPay, Diners Club, EPS, JCB, Joint Electronic Teller Services, MasterCard and Visa.

Under the code, all payment card scheme operators should submit to the authority an annual self-assessment of their compliance with the code and report to the authority any incident that may have a material and adverse impact on cardholders.

The code is non-statutory, and the eight credit and debit card scheme operators have committed to comply with it.