The National Microfinance Bank (NMB), a commercial bank in Tanzania, has planned to launch a chip based MasterCard payment card replacing magnetic stripe debit cards.
The move will form part of the lender’s efforts to enable the usage of Europay, MasterCard and Visa (EMV) technology to create a secure payments ecosystem and prevent card data breaches.
The MasterCard debit cards will be introduced within next two months after NMB modifies its automated teller machines (ATMs) and point of sales (PoS) to meet EMV standards, reported Tanzania Daily News.
The cards will feature MasterCard’s contactless technology that will allow consumers to make fast and secure payments for quick payment environments like taxis, buses, major retailers, grocery stores and fuel stations.
NMB acting CEO Tom Borghols said: "We have identified the risks and we are going to work them out, but even before coming with the EMV technologies, surveillance cameras helped to lower ATMs stealing."