MasterCard shed light on the rising shift to EMV technology, the biggest change to hit the payment industry in over 40 years, at a workshop in Colombo recently. With several banks in Sri Lanka having already initiated EMV migration programs, the workshop was aimed at addressing partners’ concerns on the transition and helping them formulate their strategies to enable smooth adoption of this technology. Senior bankers, technologists and service providers who took part in the forum noted that it had outlined key considerations to be kept in mind when moving to chip and pin based EMV cards helping them firm up their project pipelines.
“EMV technology protects in-store payments from counterfeit card fraud. A small computer chip built into the payment card generates a one-time use code for every transaction, making it virtually impossible to create counterfeit cards,” said R. B. Santosh Kumar, Country Manager – Sri Lanka and Maldives, MasterCard. “As this shift gains momentum around the world, a global chip infrastructure is taking shape to counter the threat of fraudulent transactions. We look forward to working with our partners in Sri Lanka to bring safer payment technologies to the market.”
The informative content and engaging discussions that followed during the workshop were greatly appreciated by the audience who left with a clear understanding of the technology, the preparation work required, the benefits to business and the principles and impacts of the liability shifts. The workshop is part of a series of knowledge sharing sessions being conducted by MasterCard. Sharing insights from its experiences around the world, the payments technology company seeks to work with its Sri Lankan partner on bringing the best products and services from its global portfolio.