By Phil Boeyen, ShareChat Business News Editor
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Tuesday 16th April 2002 |
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Sydney-based ETT says credit card issuer Visa has now announced its effective dates for converting Australian terminals to Europay/Mastercard/Visa (EMV) compliance and replacing existing magnetic stripe cards with smart chip cards.
ETT says the total cost of EMV compliance over the next five years in Australia is expected to be in the order of $1 billion.
The company says its subsidiary, ETT Australasia, has positioned itself to participate in the total upgrade and has already concluded partnerships and agreements to supply a variety of products and services.
These include EMV compliant and operational terminals, plug in upgrade modules, secure EMV chip cards, card applications and management systems and logistics and maintenance facilities.
"The company has created an environment, which enables a financial institution to make the transition to EMV in a single and orderly business agreement supported by some of the worlds largest and most respected technology companies," ETT says.
ETT says it has provided submissions to all major institutions to provide EMV solutions and has also commenced a terminal certification for an Australian bank in association with Siemens and another global technology company.
EMV is a standard for secure transactions at point of sale. It has been jointly developed by Europay, Mastercard and Visa to cover the introduction and development of smart cards which use an imbedded microchip to store information instead of a magnetic stripe.
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