As part of the agreement, Gemplus will be the bank’s primary supplier of smart payment microprocessor cards. Card personalization will be performed at the firm’s Cuernavaca facilities in Mexico.
Banco Azteca said its Visa cards will be the first to migrate to EMV as the company attempts to meet the impending January 2006 liability shift date set by the payment associations.
Banco Azteca is owned by retailer and consumer finance company Grupo Elektra and targets the ‘unbanked’ segment of Mexico’s population, which accounts for 70%. Its branches are located inside Grupo Elektra stores and other retail channels.
The bank is setting a regional precedent in terms of its target market and the implementation of biometrics on its cards, said Philippe David, vice-president of business development, financial services at Gemplus.
