Card processor and electronic payments solutions provider, Paynet Group, has announced that its issuing facility for EMV Chip Cards should be ready for launch by early November this year. The center had originally been scheduled to be openned in early 2013. Due to the latest developments, banks in the region will be adopting the antifraud cards earlier than had been speculated. Several banks within the East Africa will be served by the center at a low cost per card. Individual banks opting to move their customers to EMV Chip in phases will also supported by the Paynet Card Center.
Issuers are already aware of the benefits of EMV Chip and PIN cards and Paynet has already entered a contract with one of the major banks in the region to issue these cards. Banks will benefit from Paynet’s early upgrade which will save issuers from spending resources on expensive upgrades. The upgrade will provide Visa and MasterCard EMV Chip issuing for pre-paid, debit and credit cards. Also among the benefits are fraud monitoring and 3D secure services which secure issued cards for internet use. Card companies including Europay, Mastercard, Visa, (EMV) launched the EMV Chip and Pin standard as a counter to fraud.
Paynet provides card processing services for several banks across the region. The upgrade will be the last step towards achievement of PCI DSS (Payment Card Industry Data Security Standard).