|Georgette Tan MasterCard Worldwide +1-65-6390-5971|
MasterCard Leads Drive to Ensure Kiwi Merchants are EMV-Ready
MasterCard has designed and implemented a framework for New Zealand financial institutions, who have in turn been working with merchants throughout the country, as part of the New Zealand migration to EMV* payments.
EMV is a global payments standard that has been introduced to allow the global compatibility of chip cards and EFTPOS terminals.
Stuart McKinlay, country manager, New Zealand, MasterCard Worldwide, said that having the banks’ acceptance network completed provides a platform for the introduction of chip-enabled terminals in New Zealand retailers. This capability puts the nation’s payments market in line with many of those in APMEA, Europe and Latin America where EMV cards are both accepted and issued.
He said that once introduced in New Zealand, chip-enabled payment cards will mean improved levels of card and data security, point of sale loyalty rewards and the opportunity for additional point of sale enhancements.
“EMV-chip cards are widely known as one of the best and most cost effective solutions available to mitigate fraud. Therefore we believe that New Zealand cardholders and merchants alike will fully support the need for better security standards in the payments arena to safeguard transactions of cardholders, retailers and other organisations providing goods and services. EMV is now the standard payment card in a number of markets and New Zealand will now be equipped to also handle transactions of visitors who may be using chip enabled cards.”
All major banks in New Zealand, Westpac Bank, Bank of New Zealand, ASB Bank, ANZ and The National Bank are now fully EMV certified and compliant, laying the foundation for EMV chip card acceptance. With Europe, APMEA and Latin America blazing a trail with both EMV acceptance and chip card issuing, New Zealand banks can now, with the support of the MasterCard OneSmart™ program, proceed in migrating to EMV and issue EMV chip cards over the next period of years.
Mr. McKinlay said that Kiwi merchants can now upgrade to the EMV-compliant terminals. The new terminals that are installed at many of the thousands of card accepting merchants around the country have been MasterCard Certified and support the OneSmart MasterCard programme.
“MasterCard has been highly successful with its OneSmart global support programme engaging and supporting customer financial institutions and retailers with technology choices, marketing support, and crucial flexibility needed to provide more smart choices in developing a customised approach,” Mr. McKinlay said.
The terminal upgrade has been conducted in conjunction with EFTPOS New Zealand and ETSL (Electronic Trading Solutions Limited).
*EMV, an industry specification, which was established in 1994 is an acronym for Europay, MasterCard and Visa. It enables all merchants to utilize one terminal at point-of-sale to support any smart card regardless of the issuer or brand. The industry standard also enables interoperability and interchange for debit and credit card types
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com.