Eftpos machine manufacturer Cadmus Technology said today it had completed second level certification of its terminals to the new Europay, Mastercard and Visa (EMV) smart card standards.
To date, fewer than 10 per cent of terminal vendors worldwide have achieved the level 2 EMV compliance.
The certification means Cadmus can now incorporate
the technology into all terminals in its range, including those designed for the mobile, pre-pay and fleet management markets.
While the company had already received EMV hardware certification, completion of the second part of the standard meant Cadmus' products were now fully EMV certified and met stringent international Smart Card standards, Cadmus managing director Ian Bailey said.
"The technical advancement will ensure greater security of card payments for both retailers and consumers -- and also enable a new generation of smart card products to be promoted by banks world-wide," Mr Bailey said in a statement.
New Zealand's largest processor of eftpos transactions, ETSL and its member banks have advised terminal vendors that from this month the EMV standard is a requirement for all new eftpos terminal certifications for connection to its network.
Eftpos terminals, previously certified, may still be used, but all terminal's may have to be changed to ones which incorporate the new security standard, Triple DES (Data Encryption Standard) and EMV over the next few years.
The establishment of the EMV standard will also require many users of the world-wide installed base of approximately 35 million terminals to replace, or upgrade their current terminal to the EMV compliant devices.
Mr Bailey said Cadmus expects to see a surge in both domestic and export sales of its products as the EMV standard is implemented by banks throughout the world.
- NZPA
