Morpho (Safran) has won a major new contract in India. The company’s subsidiary, Syscom, has been selected to produce the country’s EMV (Europay, MasterCard and Visa) debit cards.
The deal entails the full production of MasterCard, Visa, and RuPay debit cards, with a volume of over 55 million expected over the next three years. The huge contract reflects a broad shift in India to the payment security of EMV technology—a shift that only recently got underway in the US. Moreover, the shift to EMV chip cards and away from traditional magnetic stripe cards tends to go hand-in-hand with the rise of NFC technology, with many POS readers supporting both EMV and NFC technologies. This could help to make acceptance of mobile payments even more widespread in India.
That also bodes well for Morpho, given the company’s rising interest in mobile technologies. But for now, this giant EMV contract itself offers plenty for Morpho and its subsidiary to celebrate. In a statement, Syscom Managing Director Sanjeev Shriya called the contract an achievement that “recognizes our commitment to lead and maintain technology and quality leadership,” adding that “Morpho has extensive global experience in the EMV payment area, as we have supported reputable banks in their respective EMV migration strategies.”