Paynet, Bank of Baroda in Chip, PIN Visa card issuance pact
Business
By
Standard Reporter
| May 19, 2015
Electronic payment processor Paynet has signed an agreement with Bank of Baroda Kenya to support the financial institution in Visa chip and PIN card issuance.
Under the partnership, Paynet will deliver debit card processing and fraud intelligence services for the bank’s EMV card programme.
More banks in Kenya have continued to outsource their credit and debit card operations to card processors such as Paynet in the ongoing transition to the EMV/Chip and PIN technology.
The Chip and PIN technology features an embedded microprocessor chip that provides enhanced card security.
Kenya Bankers Association recently declared to migration in Kenya to EMV/Chip and Pin technology a success, making Kenya the third country in Africa to successfully switch over to the anti-skim card technology.
READ MORE
Forget miraa: Discovery of minerals stirs up Meru locals
How to turn the tide against Kenyans' poor saving culture
Super-rich investors bet on Kenya amid economic gloom
Unlocking the creative power of out-of-home advertising
It's a bumpy ride for e-mobility firms in bid to move past start-up phase
Deepening connections with customers through conversational messaging
Bid to boost Africa's talent pool with tech scholarships in top gear
Kenyan retailers ready to pounce as Ethiopia to open up market
Hiring civil servants on contract will fuel corruption, experts say
According to recent data from Central Bank of Kenya data, more than 13.9 million payment cards (ATM/debit cards) were in circulation as at February 2015. Paynet, which also runs the PesaPoint brand has roped in over 72 financial institutions in the region.
- Forget miraa: Discovery of minerals stirs up Meru locals
- How to turn the tide against Kenyans' poor saving culture
- Super-rich investors bet on Kenya amid economic gloom
- Hiring civil servants on contract will fuel corruption, experts say
- Kenyan retailers ready to pounce as Ethiopia to open up market