Based on tap-and-go technology, Morpho’s multi-application dual-interface product range will enable customers of Colombia’s largest bank to experience the benefits of both contact and contactless payment.
Morpho is providing a full set of consulting, integration, personalization and production services through its teams located in Bogotá, Cali and Medellin to support Bancolombia’s strategy to roll out chip cards to their 6.4 million customers.
The Maestro PayPass cards will provide customers with speed and convenience for low-value transactions by simply tapping the card on a reader.
Maria Cristina Arrastía, Vice President of Bancolombia’s Mortgage and Specialized Consumer Banking, said “More and more Colombians want easy access to banking, which should be available where and whenever they need it, while ensuring them the mobility, portability and connectivity that they require. That is why at Bancolombia we remain at the forefront with the latest technologies that will make life easier for our clients and in Morpho we have found an ally that accompanies us in this process of innovation in electronic payment in Colombia.”
“Morpho’s team is very proud to be part of this very first dual-interface innovative payment system implementation in Colombia,” stated Arnaud Jullien, Senior Vice President Payment at Morpho, e-Documents Division. “Our experience in migration projects all over the world allowed us to leverage our unique EMV• expertise to lead this project successfully. Our experience is that Colombian banks are eager to implement innovative technologies; this first PayPass card deployment with us can be seen as a clear signal of confidence in EMV and Morpho products to sustain innovation.”
*EMV (Europay, MasterCard and VISA) is widely becoming the global standard in the migration from magnetic stripe cards to chip-based smart cards. EMV is an interoperability standard developed by the three financial institutions to ensure that all Europay, MasterCard, and VISA-branded smart cards and all smart card-reading POS terminals and ATMs work together to deliver the highest level of security.
Morpho (Morpho.com), a high-technology company of Safran (safran-group.com), is one of the world’s leading suppliers of identification, detection and e-document solutions. Morpho is specialized in personal rights and flow management applications, in particular based on biometrics, a sector in which it is the world leader, as well as secure terminals and smart cards. Morpho’s integrated systems and equipment are deployed worldwide and contribute to the safety and security of transportation, data, people and countries.
About the Bancolombia Group
The Bancolombia Group is a growing Latin American financial conglomerate, in the quest for profitable and sustainable efficiency, supporting people’s dreams and seeking to establish long-lasting relationships with them, based on trust and respect.
The Group offers a wide portfolio of financial products and services to over seven million clients, whom it provides with security broker/dealer, investment banking, financial leasing, factoring, consumer credit, fiduciary, asset management, and insurance services, among others. The Bancolombia Group distributes its products and services through a regional platform consisting of the largest private bank network in Colombia, with presence in the Central American market through the leading financial conglomerate in El Salvador, offshore banking subsidiaries in Panama, Cayman Islands and Puerto Rico, and also an agency in Miami.