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Wednesday, October 27, 2010

eTranzact boss outlines benefits of Genesis cards

The Managing Director, eTranzact International Plc, Mr. Valentine Obi, has outlined some benefits of eTranzact’s Chip and Personal Identification Number (PIN) cards, known as Genesis, saying that the underlining essence is to protect the cardholders.

This, he also said, would engender a better service, thereby providing convenience to the customers, especially on the Genesis Chip & PIN cards.

“The Genesis Chip & Pin cards guarantees cardholders better security and convenience. Genesis is structured for the end users having security in place while being given good quality service,” he said.

Speaking in Lagos, Obi said that Genesis Chip & PIN cards, which are already in the Nigerian market is Europay, MasterCard, and Visa (EMV) compliant.

He explained that Genesis Card produced by eTranzact under the directive of the Central Bank of Nigeria (CBN) instructing all Nigerian banks and switches to replace the traditional magnetic stripe equipment with smartcard technology.

“The Chip and PIN is a two-match system whereby the Chip is accessed by a swipe-card reader to verify authenticity and the PIN is inputted to complete the transaction,” he said.

Obi stressed that Genesis card has a unique attribute solely for the safety of the customers and carriers of the Genesis card called the eTranzact Strong Authentication (ESA).

He reiterated that the Genesis card is made up of three ranges, namely the Premier, Advantage and Credit cards respectively.

He elucidated that Genesis Premier card is a Debit card tied to the customer bank account, while the Genesis Advantage is a prepaid which could be loaded or recharged through the branches of any of the 22 commercial banks connected to the eTranzact platform.

The Advantage Card, Obi said, is useful for other value added schemes such as Loyalty scheme and Discount scheme and Credit cards.

“All three cards are acceptable on electronic payment channels such as Automated Teller Machine (ATM), Point of Sale (POS), Web and mobile commerce,” he said.

Further, he said, that Genesis card is a highly secure card as it leverages on the eTranzact Strong Authentication tool.

“The ESA is a one-time dynamic PIN generated via the card holder’s mobile phone to authorize any transaction. With the Genesis Chip + Pin Cards into the payment market, eTranzact is determined to move Nigeria towards an advance technological era like other advanced countries where the smartcard payment platform is being actively made use of,” he said.

Obi pointed out in a press statement made available to ITRealms Online by the duo of brand executives, Olayinka Olushoga and Ejiro Gegere that having a Genesis card comes with many benefits including ability to purchase Nigerian airline tickets at discounted prices, pay Cable TV bills and purchase airtime any of the telecom service.

Recalling that eTranzact International plc prides itself as the Nigeria’s first award winning multi-application and multi-channel electronic switching and payment processing platform, with operations in Nigeria, Ghana, Zimbabwe, Cote d’Ivoire, South Africa and United Kingdom (UK).

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