1Link is Pakistan’s largest payment processing body and recently it has announced its selection of Gemalto Pure white label payment technology for enabling “Chip and PIN” for its Domestic Payment Scheme, PayPak.
The solution will enable 1LINK member banks to launch EMV-compliant contact and contactless cards, mobile payments, Host Card Emulator (HCE) and other digital services. This new initiative will bring an added security and convenience of ‘Chip and PIN’ transactions to millions of cardholders.
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The agreement was signed by Najeeb Agrawalla, CEO 1LINK and Nassir Ghrous, SVP Middle-East, Africa and CIS Banking and Payment GEMALTO.
With this deployment, 1LINK will ensure digital security as per EMVCO standards whereby enhancing the EMV ecosystem implementation for Pakistan’s banking community and key stakeholders such as government bodies and mobile network operators. It will also create a clear roadmap for future digital payment innovation and facilitate seamless and secure transactions.
This partnership goes in line with 1LINK PayPak domestic payment scheme, which is based on efforts to boost financial inclusion in Pakistan. Currently, less than 20% of a 220 million population has access to formal banking.
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In addition to this, this move will accelerate implementation of ‘Chip and PIN’ transactions, meeting the State Bank’s objective of achieving EMV implementation by 2018 whereby fulfilling its goal of extending the benefits of formal banking to at least half the population by the end of the decade.
This however, is not limited to retail and business banking alone. This will serve to secure as well as streamline Government to Person payments where public welfare programs such as the BISP Cards, Watan Cards, Khidmat Cards, and Pakistan Card are included.
Source: Daily Pakistan
