Euronet Pakistan, a subsidiary of Euronet Worldwide (NASDAQ: EEFT), today announced the launch of the first EMV Debit Card in Pakistan with MCB, a leading provider of electronic banking services in Pakistan.
Euronet Pakistan is the first EMV certified processor and gateway for EMV VISA debit services in the country. With the launch of the first EMV Debit Card in Pakistan, Euronet and MCB have introduced the most secure payment method available today into the Pakistani market.
EMV Debit cards use an embedded microprocessor that stores, processes and protects card holder data, including identity and account information. Prior to the launch, MCB performed stringent testing to ensure Euronet's service center, processing systems and operational procedures met global EMV security and regulatory standards.
"Euronet systems are highly flexible, robust and yet at the same time have readily available modules to launch new initiatives in this rapidly evolving payment processing arena. MCB is proud to have Euronet as its technology partner and we already have a comprehensive plan in place for steady progress towards being able to offer the best electronic banking services in the region," said Ali Mubashir Kazmi - Group Head Consumer Banking, MCB Bank Limited.
MCB has the largest network in the country, with a debit card base of 2.5 million and over 650 ATMs, and has always been at the forefront in offering electronic banking services to customers in Pakistan. More than 15 years ago, MCB was one of the first banks to launch electronic banking services in the country and continues to strive to offer the most innovative and synergistic products. MCB recently demonstrated this forward thinking by being the first bank to adopt outsourced EFT services through their migration from an in-house processing solution to an outsourced Euronet ITM system on Euronet Pakistan's PCI DSS certified infrastructure.
"MCB being the first bank in Pakistan to launch Visa Debit EMV Chip card in the market, is indeed a great achievement and a milestone for all its Visa cardholders," stated Amer Pasha, Country Manager, Visa Pakistan & Afghanistan. "EMV chip technology presents further security, reliability and a convenient way for making purchases all over the country and when travelling. We congratulate MCB and their technology partner, Euronet for a successful implementation and further enhancing the electronic payment in Pakistan."
"We are delighted to provide MCB Bank with the first mover advantage on VISA EMV Debit Cards," stated Mohamed Mousa, Vice President, Euronet Middle East, Africa and Pakistan. "With many more innovative services in the pipeline and the investment in the state-of-the-art data facility, Euronet is committed to providing cutting-edge technology to this growing market."