News Column

South Africa : UBANK embraces EMV chip smartcard technology

June 19, 2014

Ubank adopted the EMV chip smartcard technology to offer mine workers and mining communities improved encrypted card security and convenience.

The EMV chip technology protects consumers from possible fraud such as card cloning and skimming.

Ubank says it is following global trends in shifting from magnetic strip technology to more secure EMV chip technology.

The difference between the magnetic strip and EMV chip technology is information in the magnetic strip is static and permanent, and easy to copy, while the EMV chip is more dynamic.

There is an algorithm being computed every time someone uses the EMV chip card, which protects customers' accounts.

The shredding of existing magnetic strip cards will run concurrently with the distribution of the new chip cards.

Ubank is the only bank in SA that is issuing savings books. The cards will help boost the security of the bank's customers' money and minimise bank charges.

EMV is a technology developed by Europay, MasterCard and Visa and has a chip that contains information needed to use the card for payment and is protected by various security features.

Every EMV card contains a built-in security chip that uses a form of cryptography to verify the card, card issuer and the data stored on the card. The chip provides 3 key features: it can store information; perform processing; and provide cryptographic verification that helps protect sensitive data.

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Source: TendersInfo (India)

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