Founded in 2003 and headquartered in Nairobi, Kenya, Paynet has been a TSYS client since 2004. It licenses PRIME 4, the latest version of the TSYS licensed card and merchant management service, to manage its Visa card portfolio and provide a range of outsourced front- and back-office card processing and fraud management services for financial institutions across Kenya and East Africa.
Paynet initiated ‘The Great Migration to EMV Chip Card’ campaign to fight card fraud by urging banks and other stakeholders in the region to switch from magnetic strip to EMV Chip debit/credit cards. The PRIME platform supports Paynet’s EMV initiative, increasing the availability of secure payments across the region and enabling Paynet’s partners to issue EMV cards.
In recent news, Net Element International, a technology-driven group specializing in electronic commerce and mobile payment processing, has unveiled that Aptito, a cloud-based point of sale platform for restaurants, has completed its integration with TSYS.
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