State Bank of India (SBI) has selected Syscom, an Indian subsidiary of identity and security solutions provider Morpho (Safran), for EMV payment card issuance.
Under the terms of the agreement, Syscom will provide end-to-end production, supply and personalisation services of Visa, MasterCard and RuPay branded EMV debit cards, as well as personal identification numbers (PIN).
Syscom is expected to provide more than 55 million cards over a three-year period.
Syscom managing director and Morpho India senior vice president Sanjeev Shriya said: "This achievement recognizes our commitment to lead and maintain technology and quality leadership, to meet the banks’ requirement for payment cards.
"Morpho has extensive global experience in the EMV payment area, as we have supported reputable banks in their respective EMV migration strategies."
As per the new rules framed by the Reserve Bank of India (RBI), all banks will have to issue EMV chip enabled cards to migrate gradually their existing card base to EMV cards by December 2018.