Morpho (Safran), a provider of identity and security solutions, has commenced the production of smart card modules for Elo, a 100% Brazilian payment association set up by Banco do Brasil, Bradesco and CAIXA.
The smart card operating system developed by Morpho will allow every smart card to be used for banking applications as well as for shopping with credit and debit functions, accepted at more than 1.7 million establishments and point of sales.
Morpho itself will manage the chip encapsulation process into a module, and then securely load the operating system and Elo payment application.
The Elo chip wafers will be sent directly from silicon manufacturers to Morpho’s production site in Taubate, Sao Paulo state, Brazil, the company said in a statement.
Morpho do Brasil S.A. VP sales payment Marcelo Bellini Garcia said: "We are very happy that Elo chose Morpho’s leading smart card technology expertise to realize this special chip-based application, developed exclusively for their payment cards in Brazil. This order decisively reinforces our strong position in the Brazilian payment market and the entire South American market."
Elo president Eduardo Chedid said: "The partnership’s goal is to bring important operating earnings for Elo’s members and issuers, aside from contributing significantly to the development of innovative payment technology in Brazil."