Morpho (Safran), a global leader in identity and security solutions, on Wednesday said that its Indian subsidiary Syscom has won the “largest” deal in India from State Bank of India (SBI), for EMV payment card issuance.
The deal comprises end-to-end production, supply, and personalisation services of Visa, MasterCard & RuPay (India’s domestic payment card scheme) branded EMV (Europay, MasterCard and Visa) debit cards, along with personal identification number.
The volume is expected to cross 55 million cards over a three-year period, making it the largest EMV card deal in India and one of the largest in Asia-Pacific.
“This achievement recognises our commitment to lead and maintain technology and quality leadership, to meet the banks’ requirement for payment cards,” said Sanjeev Shriya, Senior Vice-President India at Morpho and Managing Director of Syscom Corporation.
“Morpho has extensive global experience in the EMV payment area, as we have supported reputable banks in their respective EMV migration strategies.”
The market in India is rapidly migrating to EMV payment technology. EMV has become the global standard in secure card-based payments. It ensures highest level of security in transactions across ATMs and point of sale terminals that accept card-based payments.