EMV (Europay, MasterCard and Visa) is a global standard for inter-operation of integrated Circuit cards for credit and debit payment cards based on chip card technology. EMV contactless payment systems are credit cards and debit cards, or other devices that use radio–frequency identification for making secure payments. Visa payWave and MasterCard Pay Pass are the enhanced contactless payment technology feature that allows cardholders to wave their card In front of contactless payment readers.

EMV is based on strong cryptography (both symmetric and asymmetric) and elaborate key management; a fundamental EMV principle is to digitally sign payment data to ensure transaction integrity. EMV chip is extremely difficult to crack; card authentication and PIN verification are performed automatically and objectively by the chip.

Malaysia is currently in the transitioning stage from cash to cashless influenced by factors such as

  • ease of access to financial services
  • uptake of cashless payment solutions by merchants
  • technology and infrastructure readiness
  • macroeconomic and cultural aspects.

The spurring technology is indeed creating opportunities for banks to develop new revenue streams based on a cashless society. Under the National Key Economic Areas (NKEA), Financial Services and in the Entry Point Project (EPP 4), the government seeks to reduce dependence on cash transactions to 63% of total transactions by 2020, while targeting to increase e-payments to 200 per capita per year and 25 point-of-sale (POS) terminals per 1,000 inhabitants by 2020. Based on the 2011 statistics from BNM, the main prepaid card provider in Malaysia managed to secure 2.3 billion transaction value mostly from land transportation market.

Based on the current parking industry, almost 60% of user adopts to the card payment parking options.
Convenience: Drivers find it easier to pay for parking with existing payment card that they have (e.g: Debit or Credit)
Sooner or later, the Govt will impose the use of cashless payment environment to meet the nation’s Economic Transformation Program (ETP) Cashless environment will provide a lot of savings to Govt in terms of cash handling (estimated 359M yearly – 2014)

Manpower Cost for cash handling - cash Collection, Management and Banking
Less capital expenditures – No longer necessary to dispense or process tickets, while the ticket vending and back-end infrastructure can be greatly simplified with a focus on cost-efficiency.
Lower maintenance cost with lesser machine.

Pilferage during cash collection – Employee goes missing with the cash after collection.
Pilferage from the loop hole of the ticketing system – Based on our experience, a parking operator once made 50% loss in its monthly revenue amounting to RM700K. The amount was doubled after operator invested in an additional mitigation system known as License Plate Recognition System (LPRS).
Convenience as all parking sales proceed goes directly into the PO bank account

EMV Demo R1

EMV Brochure