" ITREALMS: eTranzact introduces Genesis chip & PIN cards

Wednesday, May 19, 2010

eTranzact introduces Genesis chip & PIN cards

In compliance to the Central Bank of Nigeria (CBN) regulation, eTranzact, one of the nation’s electronic payment system providers, has introduced its Genesis brand of card with chip and PIN.

The Managing Director, eTranzact, Mr. Valentine Obi, said this entails that eTranzact Genesis cards are EMV compliant.

He also said that by releasing these cards into the nation’s market, eTranzact would mop up all its old magnetic cards, which are currently being used by the Nigerian public.

Equally, he said, it would help move the nation towards an advance technological era like other advanced countries where the smartcard payment platform is being actively simplified.

Additionally, this he said, would allow cardholders to be rest assured of continuous security even if their eTranzact cards are compromised.

He explained that in creation of this card, eTranzact had in mind its customers, the end-users of this product in protecting them while giving them Quality of Service (QOS).

“We thought about the uniqueness newness of not only changing it from a magnetic stripe to a Chip and PIN card, but also giving it a unique attribute solely for the safety of the customers and carriers of the Genesis card,” he said.

Mr. Obi stressed that eTranzact could generated codes through customers’ mobile application or web access profile platform.

“eTranzact makes available dynamic PIN as opposed to a static PIN for all channels utilization of static PIN as the singular parameter for electronic transactions is increasingly becoming fraud prone,” he said, pointing out that card cloning and PIN closure are apparent to card transaction.

The Genesis Card, he said, unlike its predecessor is made up of three ranges, the prepaid, debit and credit cards are accepted on electronic payment channels such as Automatic Teller Machines (ATM), Point of Sale (POS), web and mobile commerce.

“The card enables the users to determine the authenticity of the transaction via its audit trail. It has two years validity before expiry and for students four years before expiry,” Obi said.

Further, he elucidated that the Genesis cards could also be recharged through the eTranzact Pay Outlet platform as well as be used for other value added schemes such as loyalty scheme and discount scheme.

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