The enhance d product, which allows mobile phones and tablets to be converted into payment acceptance terminals , is seeing rapid adoption among Indian merchants, banks and issuers as the y transition to an EMV – based payment infrastructure, and is also being well received in the global payments community as mPOS acceptance terminals gain traction. EMV is a global standard for credit and debit payment card s based on chip card techno logy.
Earlier this year the Reserve Bank of India mandated that any new payment products brought to market by acquiring banks must comply with this internationally recognised standard. Payment card issuers must ensure their new produc ts conform by 30 Novem ber 2013. The Ezetap solution, which simply plugs into a mobile device to enable it to accept payments, needed to be enhanced and certified according to the EMV standard.
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Ezetap engaged with FIME India, an advanced secure – chip testing provider, throughou t the development process to ensure that the mPOS solution would efficiently achieve official EMV certification in one iteration ; avoiding un expected delays and accelerating product time to market. Bhaktha Keshavachar, Co – Founder and CTO of Ezetap, comme nts: " While it was important to launch our product as quickly as possible to meet local and international market demand for mPOS solutions that support EMV payments , we did not want to compromise on achieving the highest level of standardisation.
FIME’s EM V testing knowledge helped us accomplish our EMV testing and certification goals efficiently and effectively." "Ezetap is a great example of a company that is not only prepared for India’s transition to EMV, but can capitalise on mobile payment opportuni ties in international EMV – compliant markets," adds Prakash Sambandam, Director of FIME India.
"As India migrates to an EMV infrastructure, we are delighted t o share our expertise to ensure products meet the certification requirements and are b r ought to mar ket without delay. With the Reserve of Bank of India clearly mandating its EMV intentions, we call on all payment sta keholders to get their products EMV – ready." FIME partners with a number of leading international and domestic payment schemes and industry bodies to provide secure – chip certifications. This includes its position as an accredited laboratory for EMVCo, the EMV standards body, and its active role as an EMVCo Technical Associate.
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