Gemalto says it has completed the initial phase of assisting the Royal Bank of Scotland in its migration to EMV credit cards in three Asian markets–Indonesia, Taiwan and India. The first project, in India, began six months ago and was completed in three months, about half the time it normally takes for banks in Asia, the company says.
Fraud reduction is the driving force behind Asia’s EMV migration strategy. According to the Indonesian Credit Card Association, credit card fraud in the country amounted to about $3.1 million. Gemalto has also already completed the migration to EMV cards for three in four banks in Indonesia, well ahead of the 2010 migration mandate set by the Bank of Indonesia.
“EMV migration is important to the card business as it is not only a requirement from the Central Bank but also it has enhanced security against fraud. We are extremely pleased that our re-carding process in Indonesia took a much shorter time than expected, so we are able to start the roll-out of the cards to our customers sooner, giving them more convenience and security,” said Dessy Masri, RBS Indonesia’s head of Consumer Finance.