South Africa

 
 

Smart cards


The EMV Forum of South Africa

Banks and other major players, recognise that smart cards provide vastly superior storage capacity and flexibility over magnetic stripe cards. Smart cards also offer opportunities for multiple applications at the highest levels of security. A key concern is agreed global standards that allow the cards to be used anywhere in the world.

In response to the demands of their member banks, the major international card payment associations Europay, MasterCard and Visa, established the EMV initiative as a worldwide industry working group. The objective of the EMV is to facilitate the introduction of chip technology into the international payment system by developing joint specifications.

What is the EMV Forum?
The EMV Forum is a major initiative of South African banks and the leading card associations to implement the global EMV chip card standard into the South African payments system.

Objectives of the EMV Forum
The main objective of the forum is to facilitate the introduction of chip technology into the international payment system by developing joint specifications.

A global initiative takes shape
The EMV standard is in operation in Japan, South Korea, Lebanon, Poland and other European countries. The Czech Republic, Egypt, Kazakstan, Slovakia, the Ukraine and South Africa are all implementing the programmes, while Mexico, Peru and Puerto Rico have declared their commitment. Furthermore, discussions are underway in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, Brazil, Argentina, Chile, Colombia and Venezuela.

The drive towards EMV as a standard
Various considerations are driving the push for standardisation in South Africa.

  • The EMV standard will reduce the risk of fraud and counterfeit activities
  • The EMV standard is set to become a building block in the chip infrastructure, as well as the foundation for other projects
  • EMV will ensure the alignment of debit and credit payments
  • EMV provides a means for Customer Relationship Management (CRM), including improved management of risk profiles
  • The emerging markets in South Africa, as well as other potential new markets, require the benefits of secure, convenient and cost-effective payment methods
  • EMV will reduce the costs of online processing through secure offline processing. The standard assists in cardholder authentication for e-commerce

 

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information@standardbank.co.za

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