News

Aconite, Proxama deal will create one-stop solution for EMV, NFC migration

The companies will offer an end-to-end solution for migration from mag stripe cards to EMV chip cards and token-based contactless mobile NFC systems.

November 5, 2014

Proxama, a global mobile payments company, has announced plans to acquire Aconite Technology Ltd., a provider of EMV enablement and smart product management software.

Together, the companies will offer card issuers an end-to-end solution for the migration from magnetic stripe credit cards to EMV-compliant chip-based cards and token-based contactless mobile NFC payment systems, a Proxama press release said.

Aconite products have been deployed by banks and card issuers — including Fiserv in the U.S., and Nets, ICS and First Data in Europe — for the issuance, management and migration of millions of EMV chip-and-PIN credit cards.

These EMV products will be combined with Proxama platforms, which have helped companies — including MasterCard, Barclaycard, Softcard, Orange, Harrods, Starbucks, Domino's Pizza, and Guinness — to become mobile payment- and proximity commerce-capable.

"EMV adoption is something that affects everyone — from banks to merchants to consumers — so getting it right is important," said Aconite CEO Mike Woods. "But there is also increasing pressure for banks and brands to enable contactless mobile payments. Proxama plus Aconite means they can make one migration to accomplish both goals, and give consumers the experience they want that much faster."