In response to new opportunities in the marketplace for prepaid card applications, Aconite is broadening its focus to encompass national and local government-sponsored applications of its ground-breaking prepaid payment technology.
While financial sector customers remain at the core of Aconite's business plans, more and more government and local authority programmes that include requirements for chip-based prepaid tokens based on international EMV* standards for secure payments are emerging. Aconite is ready to meet these demands by applying its expertise in ‘smart products' and prepaid EMV technology to applications outside the familiar world of debit and credit cards, where hundreds of millions of EMV cards have already been issued worldwide and have had a huge impact on the control of fraud and risk. Growth areas include transit with payment, ID with payment and benefit/entitlement cards that eliminate fraud from public payment schemes.
Aconite's prepaid EMV capabilities have been demonstrated in the successful launch of the first in a series of regional transit schemes in South Africa. Aconite technology is controlling the smart payment tokens, loading prepaid funds and reconciling settlement in the back office. Around the world the growing focus of transit authorities is on the use of prepaid contactless EMV cards and mobiles for fare payment, and governments are now looking to add prepaid payment capability to ID and membership cards - to new cards and retrospectively to smart cards that have already been issued - in areas ranging in diversity from the armed forces to healthcare and local libraries.
Our proven ability to deliver payment solutions and implementation services means that Aconite stands ready to meet these demands. With our partners in all sectors of national and local government and retail and corporate finance, Aconite is looking forward to an instrumental role in the spread of secure and convenient payment services in these new and exciting areas.
[*EMV - the global standard for chip payments originated by Europay, MasterCard and Visa]