MasterCard will support BancNet in its move towards EMV compliance while Mondex will provide BancNet with a framework for an e-purse system.
The Mondex e-purse is one of the most electronically advanced cash payment system that frees consumers and merchants from cash. Mondex can be used for simple, everyday transactions. It operates through a chip-based card that is embedded with a microchip processor that stores information and runs on highly secure platform.
EMV’s introduction will help put the Philippines on an equal level with countries like Japan, Korea, Taiwan, Malaysia, Singapore, Australia and France.
"This move towards EMV compliance will put Philippine banks at par with international standards and achieve global interoperability as MasterCard will provide global acceptance and technology to BancNet," Mastercard International country manager Jose Rene Vill-real said.
Global inter-operability means that BancNet, through Mondex and MasterCard, can now enjoy built-in multi-currency support, carrying up to five different currencies simultaneously. Like MasterCard’s other global brands, Mondex will assist BancNet with a single solution architecture and brand acceptance around the world.
By combining high security, person-to-person functionality, immediate value transfer and multi-currency capability, Mondex enables BancNet consumers to tap into important, new markets and meet the increasing need for secure, convenient, low-value Internet payments.
As to how Filipinos will embrace EMV, Vill-Real said, "Eventually, people will adopt this technology. It’s just a matter of putting in the right applications that they will find convenient. You can never go wrong if you implement a technology that will bring greater convenience to consumers. That technology is EMV."
"As the first ATM consortium to move towards EMV compliance, BancNet will be able to gain access to Mondex’s and MasterCard’s extensive network. This in turn will provide our consumers with speed, convenience and access to more delivery channels. This also paves the way for a more efficient delivery of products and services through an improve infrastructure," said BancNet president Ricardo R. Chua.
EMV will greatly reduce the risks that go with cash transactions. Even the simplest of transactions, like paying for your meal in a fast food restaurant, will be conducted via EMV.