Paynet, TYSYS in secure paperless banking plan
By Semaj Itosno, Nairobi, Kenya
Paynet Kenya in partnership with TSYS, one of the largest providers of outsourced payment services in the world, has unveiled a new credit and debit card processing system.
This follows the the upgrade of its PRIME systems for Chip and PIN readiness.
The PRIME 4 will provide the company with the ability to issue Visa and Mastercard EMV Chip and PIN prepaid, debit, and credit cards for its regional customer base and is expected to launch in early November.
According to Bernard Matthewman, Group CEO of the Paynet Group, many banks in East Africa are considering switching their issued card base from magnetic stripe to EMV Chip, which have proven to be far more secure.
“As TSYS is a processor like Paynet, this relationship provides us with a unique opportunity to learn from the best. We intend to continue to work together to deliver new services to the East African market,” said Matthewman.
“It is important that East Africa does not let itself lag behind the adoption of EMV Chip issuing, as it will start to become a target for international criminal gangs who focus on countries that still use the magnetic stripe cards,” warns Mathewman.