Commercial International Bank (CIB) Launches Chip-based MasterCard Card

Monday 29 September 2003 19:47 CET | News

The first chip-based payment card in Egypt was launched last week by the Commercial International Bank (CIB), MasterCard International and Giesecke & Devrient (G&D).

Through this MasterCard card, CIB is further confirming its pioneering and leadership status of future-oriented banking services and products in Egypt. In a joint press conference with CIB and MasterCard, G&D Egypt announced that the new chip card provides CIBs cardholder with the utmost security. The introduction of the chip will help to reduce the potential of card fraud and allowing CIB to take advantage of the benefits of value-added services supported by the smart card technology, such as loyalty programs, frequent flier programs, health care records and many more. CIBs chip-based MasterCard card is based on G&Ds MChip Lite V2.1 solution. Further G&D provides in this project extensive services: from setting up of the processes, the overall project management, production and personalization of the chip cards up to the full letter-shop services. The card personalization includes magnetic stripe encoding, chip personalization, personal cardholders picture and signature. By 2005, all banks worldwide will move from magnetic strip-based credit and debit cards in order to comply with the new global EMV standards. This aims to ensure interoperability between chip-based cards and terminals on a global basis, regardless of the manufacturer, the financial institution or where the card is used.

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Categories: Payments & Commerce | Cards
Countries: World
This article is part of category

Payments & Commerce