Cheap Keycorp smartcard launched

Wednesday, 26 March 2003, 12:56 AM EST

Smartcard developer Keycorp and MasterCard International have announced an affordable, high security smartcard, to address escalating debit and credit card fraud.

They have produced a $US1.99 smartcard based on MULTOS, the most secure card technology available, which they hope will accelerate the move by banks to EMV (Europay Mastercard Visa) chip cards.

EMV is a secure standard developed by issuers of the smartcards.

Unless banks move to that protocol within a certain timeframe the liability for card fraud will be transferred from the issuers to the banks.

The new pricing provides MasterCard's member financial institutions around the world with an affordable EMV card solution based up on an open platform with multiple vendors at every point in the supply chain.

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