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The Nairobian

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.

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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.