|
|
|
|
One Global Standard - EMV
Because payments processing is a global activity, a common standard, or specification, called EMV (Europay, MasterCard, Visa) has been introduced to allow the global compatibility of chip cards and EFTPOS terminals.
These new cards carry a microchip (most have a magnetic stripe as well).
This technology brings some important changes and benefits to cardholders, merchants, credit card companies (such as Visa and MasterCard) and banks.
For the cardholder there is better protection against misuse and fraud, plus, over the long-term, the possibility of new reward schemes and loyalty programmes.
For merchants and banks the major benefits come in the form of improved security features that cut down the potential for fraudulent transactions.
The widespread adoption of this technology is likely to lead to a reduction in the number of disputes by providing a new way to check that the card is not counterfeit.
While implementing the new EMV requirements, Paymark is also taking the opportunity to strengthen security by introducing 3DES to financial transactions made across the Paymark network.
3DES is a strong form of encryption which provides further protection for cardholder PINs when transmitted over the Paymark network.
In New Zealand, the EMV standards will be phased in over a number of years with all phases complete by 1st January 2008.
 Plans are now under way for the conversion of approximately 62,000 version 4.x and 5.0 terminals before the deadline of 1st January 2008.
Paymark EFTPOS will work closely with its owner banks, terminal vendors and their onsellers in the conversion of these terminals to fully compliant 3DES/EMV terminals by the required deadline.
Every new terminal that is to be connected to the Paymark network must be at a software level of 5.1 (or higher).
|
|
|
