Pinnacle Micro has signed a southern African distribution agreement with
specialised computer input devices manufacturer, Cherry.
This was confirmed by Hans Steyn, business development manager at Pinnacle
Micro, who says the "replacement market" for keyboards in market sectors
such as retail and banking – and general point-of-sale – will "easily be in
excess of R1-billion".
"All current keyboards will, over the next year or two, have to be replaced
so that they will be able to transact with the new EMV technology, which is
to be introduced into South Africa in July."
EMV is the international standard for the inter-operation of smart chip
The name EMV comes from the initial letters of Europay, Mastercard and VISA,
the three companies which originally co-operated to develop the standard.
All Cherry devices now meet the EMV 2 standard as well as the ISO7816 card
Cherry keyboards are integrated with contact/contactless smart card readers
as well as standalone smart card readers, which have been awarded
certification for the US security programme.
Steyn says that banks will initially use a hybrid card that will come with
fully-fledged smart card capabilities, but would include a magnetic stripe
for 'traditional transactions'.
"But as the magnetic stripe component will be phased out, we will convert
entirely to smart cards in the near future. We are entering this marketplace
early, echoing our stated mission of being innovators, of being pioneers –
and of bringing new technology to our customers as early on as possible. Our
Cherry products can also offer smart card solutions to other POS platforms."
He says there are two primary benefits to moving to smart card based credit
card payments: one is improved security – with the concomitant fraud
reduction; and the second is the possibility for better control of
'off-line' card approvals.