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Canara Bank became the first PSB to meet RBIs EMV Mandate

Canara Bank became the first PSB to meet RBIs EMV Mandate

Canara Bank is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network.

ACI Worldwide announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

The Reserve Bank of India (RBI) had set a deadline of December 31, 2018 for the switch, mandating use of an embedded chip to replace the traditional magnetic stripe card. The EMV shift, as in other major global markets, is aimed at reducing lost and stolen card fraud and making counterfeit card fraud more difficult.

What is EMV?

EMV is a standard relating to integrated circuit cards, point-of-sale (POS) terminals and automated teller machines, set by Europay, MasterCard and Visa (EMV). EMV is a jointly developed global standard that allows interoperability between the cards with computer chips and terminals used by the largest financial services companies.

The EMV standard was first implemented in Europe in the 1990s due to phone line card authorization being prohibitively expensive for European card issuers. 

ACI Worldwide is a global provider of realtime electronic payment and banking solutions. ACI has played a central role in driving EMV rollouts across numerous countries over the years. ACI offer flexible, scalable payments technology.

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