NPCI will utilise FIME's expertise in setting up EMV-based certification board for its card payment scheme, RuPay.
FIME will define the certification specification, laboratory setup, test plan specification, test tools and operate the certification board for RuPay. FIME will also be involved in setting up the certification process including the associated administrative and business operations. This certification board will be effective from March 2014.
This will ensure all payment cards and point-of-sale terminals deployed under the brand align to the requirements of RuPay specifications. It will also ensure necessary infrastructural alignment of acquirers and issuers with the payment system.
Prakash Sambandam, Director of FIME India says: "Many countries have, or are in the process of migrating to the EMV payment standard. Transitioning to a chip payment infrastructure will take time and require the implementation of new product development cycles. Adhering to RuPay, an EMV payment scheme, will ensure that the products achieve the required functional and security standards and perform as intended, once live in the marketplace. This level of compliance is vital to ensure product interoperability and security optimisation".
In addition to enhanced security, the new payment platform presents opportunities to deliver advanced payment solutions - such as mobile and contactless payments - which are based on secure-chip technology.
Prakash further explains: "The deployment of RuPay, an EMV payments technology in India, will create an international transaction framework which will support India's long-term payment needs. This is an exciting time for payments in India and we are delighted to be performing such an integral role in the evolution of this infrastructure."