Kenya: Paynet Invests in Chip Technology
Paynet Group has invested in upgrading their systems for issuing EMV chip cards to help banks migrate to the more secure ATM system.
Paynet Group General Manager Karimi Ithau says the group has also invested in ensuring to meet the security standards in data centres to safeguard against fraud.
"We have invested heavily in these technologies and now banks can outsource from us and do their work and forget about the investments in projects for certification for the payment card industry data security standard," she said.
The upgrading comes in line with the Kenya Bankers Association and Central Bank of Kenya requirement for financial institutions to migrate to the chip card system by March 2014 to reduce ATM fraud.
A report by the Banking Fraud Investigations Department estimates that cash lost by financial institutions to fraud between April 2012 and April 2013 hit the Sh1.4 billion mark.
Central Bank of Kenya data shows the local card payments industry boasted a total of 10 million cards in circulation as at January 2013 and continued to grow moving billions of dollars worth of transactions each month.