The National Payments Corporation of India’s (NPCI) EMV payment scheme, RuPay is expected to be mandated early in 2013 and all industry players to will have to align their solutions with the global standard. RuPay is the Indian domestic card payment platform being set up by the NPCI, which will enable Indian banks to reduce transaction costs.
EMV technology is a global standard for credit and debit payment cards based on chip card technology. It has been identified as a key component in the development of a stable electronic payments (e-payments) network by the Reserve Bank of India and its working group in the vision paper, entitled ‘Payments System Vision Document 2012 – 2015’, published in October this year. The group’s objective is to create a secure and accessible payments framework in the country which includes a numerous un-banked population by embracing the capabilities of chip technology.
Many countries have, or are in the process of migrating to the EMV technology standard. For instance, FIME has entered an agreement with Australian card system eftpos to support the latter’s migration from mag stripe-based cards to chip, contact and contactless technology which enables multiple applications to sit on one card.
FIME ensures the compliance of mobile devices and chip-based applications to industry standards. Its international team works with manufacturers, banks and authorities within the EMV payments, mobile near field communication (NFC), telecom, transport and e-identity sectors.
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