MOU between SCT and CUP

Fri, Aug 21st, 2015

 

SmartChoice Technologies (SCT), the largest electronic payments network in Nepal, has signed a Memorandum of Understanding (MOU) with China's UnionPay International (UPI) to issuing SCT -UPI cobranded chip cards.

SCT managing Director Rabindra Bahadur Malla signed the agreement on behalf of the Nepali Company in Shanghai, China, according to a SCT statement.

UPI is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. UPI has enabled card acceptance in over 150 countries and regions with issuance in more than 40 countries and regions. Over 1.2 billion UnionPay chip cards have been issued worldwide accumulatively.

Commenting on the partnership, Derek Chang, Head of South Asia Development of UnionPay International, said: "We are delighted to partner with SCT for issuing SCT-UPI cobranded chip cards. This partnership would enable cardholders from Nepal to enjoy a number of exclusive discount offers across various merchants worldwide.

SCT said it intends to deploy the card which will use UICS (UnionPay IC Specifications) application, which is UPI's latest security application that complies with EMV standard. "These chip cards will employ Dynamic Data Authentication (DDA) method," said the company. "This is highly a secure method of data authentication.

According to the company, the technology requires each chip card to have a cryptographic coprocessor which uses a pair of public and private keys to generate a cryptographic code that proves the card initiating the transaction and the terminal are both genuine.