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EMV (chip based) Card Acquiring Business In POS Terminals  
Submitted Date: 2011-01-02, 05:05 pm Submitted by: PPDD Department

EMV (chip based) Card Acquiring Business In POS Terminals

Himalayan Bank Limited (HBL) has launched EMV (chip based) card acquiring business in its POS terminals. HBL is the first financial institution in the country to start EMV card acquiring business.

Chip based card contains a microprocessor fixed in the chip. This chip contains the information required for having secure card transactions with the multitude of protection features as compared to the magnetic strip based cards. Due to the unique system of storing data & information in the chip, it is next to impossible for skimming and/or conducting fradulent transactions through the cards. Chip based cards are widely acceptable and compatible worldwide. It has gained trust and popularity among merchant outlets and general mass of people in Europe, South East Asia and in other developed countries.

Successful implementation of the chip based card acquiring business is the first phase in HBLs EMV Cards project. Now, the Bank will move ahead into acquiring business in its ATM network in near future. In the second phase, Bank will be issuing chip based EMV debit and credit cards also. Its chip based EMV cardswill have compatability of use in ATM network & POS terminals spread over the domestic and international market. Cardholders in the international market prefer using this chip based product as its secure environment is really commendable and any merchant having this system will certainly be praised by its clients for providing them with this secure way of doing business.

HBL is confident that this facility will serve its customers with most secured way of financial transactions through cards.

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