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.