28 July 2014

Fime helps Indian banks move to chip and PIN

19 June 2014  |  716 views  |  0 Source: Fime

Advanced secure-chip testing and consultancy provider, Fime, is helping Indian banks to reduce time to market for EMV readers and chip enabled debit/credit cards when seeking the MasterCard Terminal Integration Process (M-TIP) service by streamlining its processes and offering.

One example of this new improved service is enabling acquirers to have the opportunity to pay FIME for M-TIP testing solutions in Indian Rupees (INR) rather than US dollars (USD).

The MasterCard chip testing processes are mandated to qualify that banks and financial institutions align to its requirements before chip products are deployed in the market. FIME, an independent service provider accredited to provide formal approval for MasterCard M/Chip™ services, has refined its offering to ensure the M-TIP service can be delivered quickly and efficiently to acquiring organisations in India.

"We are starting to see a real shift in payment habits as local people make the transition from cash to cards," explains Prakash Sambandam, Director of FIME India. "As banks and merchants work towards the implementation of point-of-sale terminals to support this card environment, it is important that MasterCard certification can be achieved quickly to ensure the infrastructure is established and card payments can continue to gain traction. INR billing is just one example of how FIME can help to accelerate time to market as well as make the payment process much simpler for its customers based across the region."

FIME's SAVVI analysis test tool, along with test cards qualified by MasterCard, enables acquirers to debug and test the compliance of a contact, contactless and mobile payment acceptance terminal in preparation of formal MasterCard approval prior to market implementation.

FIME's established local presence means it can understand the technical and commercial needs of its customers. Prakash adds: "FIME's policy of follow-the-customer has resulted in offering valuable testing, consulting and certification services locally in India and nearby regions from our Bangalore office. India's transition from cash to chip cards and mobile payments has resulted in interesting offers from local and international terminal and card players. This demand is supported by FIME's international experience in this field. Coupled with the local knowledge, we are able to deliver faster time-to-market, cost savings and assurance to our customers who are worried about their products' market readiness and international requirements." 

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