The microchip technologies that the bank has successfully introduced will help enhance the security of operations with plastic bankcards. The EMV standard was launched in 1996 and has proved much more secure than other standards. Microchip cards have a better degree of protection than magnetic strip cards. Besides, such smart-cards may have additional information “downloaded” into them.
These applications improve the compatibility options of bankcards and provide additional services. Cards of the kind may be used in client loyalty projects [systems of discounts], as IDs and let-passes, telephone cards, subway passes, etc. New applications may easily be installed after every operation with the EMV card.
Belinvestbank will provide at least $130 million in loans for state investment and innovation programs within five years. This target is part of the bank’s development program for 2006–2010 approved by the government and the National Bank of Belarus.
BELARUSBANK ISSUES FIRST EMV BANK CHIP CARD IN BELARUS