SPAN2 and EMV
What is EMV?
It is a set of standards written and mandated by Europay, Mastercard and VISA and other international schemes which defines the interaction between a Chip card, terminal and bank host these standards now dominates how payment systems are designed
What is SPAN2
It is an ongoing project to substantially increase security and upgrade the existing payments network in the Kingdom to be able to handle the future growth in the number of transactions, the project includes changes in the infrastructure in all its aspects (terminals ATM & POS, Cards, Bank host and communication lines) as well as introducing new services to the banks and their customers.
One of the major goals of the project is to fully increase security on the cards, terminals and the SPAN2 network using Public Key Infrastructure (PKI) technology and to implement the latest EMV technology in the Kingdom
New services:
-Mini Statement of your account at any ATM.
-Cash back at POS terminals.
-Purchase of prepaid cards at ATMs or POS.
-Contactless payment cards.
-Mobile POS terminals.
Value Added services:
-Loyalty applications on cards that enables the holder to gain points each time he uses the card in certain retailers and redeem the points to rewards real time while in store.
-Chip card security makes it imposable to forge so the card holder is protected against fraud.