The event titled âEMV migration: Challenges and Opportunitiesâ, was realized in partnership with Gemalto, the world's leading provider of microprocessor cards - the key to digital networks - and a major supplier of point-of-sale terminals, and co-hosted by the Romanian Banking Institute (RBI). Among the guest speakers were Gabriela Tudor, Deputy General Manager, RBI - Gabriel Ghita, Business Development CEE, Consumer Division MasterCard - Catalin Rangu, Vice President of CIO Council - Patrick Ratier, Payment System Consultant, Gemalto â and Nathalie Murrat, Instant Issuing Project Manager, Gemalto.
Stressing the necessity but also the benefits of EMV standards, Mr Ghita from MasterCard said at the beginning of his presentation: âFighting fraud has always been, and still remains, the single biggest driver for chip migration. With fraud levels continuing to rise around the world, chip is clearly a more aggressive approach to fraud than magnetic stripe technology. Migration to EMV chip is now well under way in most parts of the world, and in some countries is more or less complete. However, chip migration varies by region and country, depending on local fraud patterns and approaches to multiapplication cards. For mature markets, chip is already delivering significant benefits such as reduced fraud, operational efficiencies and consumer and merchant confidence in the global card payments industry.â
Besides the siginificant fraud reduction that the compliance to EMV standards bring, Aggelos Angelidis, General Manager of Mellon Romania pointed out the business opportunities the smart cards enable, due to their capability to store multiple applications on the chip. âAmong the profit-generating applications that banks will have at their disposal include loyalty applications, personal applications, bill payment utilities, internet banking, mobile banking and many more. Such applications may become efficient tools for attracting new customers but also increasing the loyalty of existing ones. Mellon has a successful trackrecord in designing and implementing EMV migration projects bearing complementary applications, cooperating with leading financial institutions in both Greece and Cyprus âthe two countries in the region that have already migrated to EMV.â
Another business opportunity that was presented by Gemalto and Mellon, was Instant Issuing, that is the capability provided to financial institutions to issue cards of any type (debit, credit etc) at the branch or point of sale in a matter of only a few minutes. This solution has already been implemented in countries that are more mature in EMV migration, providing to banks a whole new business case that generates new revenues by increasing customer loyalty, exceeding customers expectations with unrivalled level of service, grabing customers on the fly in shopping malls and increased card usage with 100% cards activated. At the same time it helps save costs by streamlining cards delivery and logistics.