March 30, 2016 -
The State Bank of India is the country’s largest financial institution.
The contract includes end-to-end production, supply and personalization services of Visa, MasterCard & RuPay (India’s domestic payment card scheme) branded EMV debit cards along with Personal Identification Number (PIN). The volume is expected to exceed 55 million cards over a three year period, making it the largest EMV card deal in India and one of the largest in Asia-Pacific.
EMV has become the global standard in secure card based payments and the market in India is rapidly adopting EMV payment technology to ensure the highest level of security in transactions across ATMs and Point of Sale (POS) terminals that accept card based payments.
All Indian banks are required to issue new debit cards as EMV chip cards and to migrate existing card bases to EMV cards by December 2018.
“This achievement recognizes our commitment to lead and maintain technology and quality leadership, to meet the banks’ requirement for payment cards,” said Sanjeev Shriya, Senior Vice President India at Morpho, and Managing Director, Syscom Corporation Pvt Ltd. “Morpho has extensive global experience in the EMV payment area, as we have supported reputable banks in their respective EMV migration strategies.”