The Royal Bank of Scotland (RBS) has contracted Gemalto to assist in the migration from magnetic stripe to EMV credit cards in Indonesia, Taiwan and India.
The conversion began in Indonesia in October with Taiwan and India to follow. The vendor says it has already successfully completed the migration to EMV cards for three in four banks in Indonesia, well ahead of the 2010 migration mandate set by the country's central bank.
Fraud reduction is the major driving force behind Asia's commitment to EMV migration. According to the Indonesian Credit Card Association, credit card fraud in the country amounted to around EUR2.3 million in 2007.
Dessy Masri, head, consumer finance, RBS Indonesia, says: "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."