Siddhartha Bank becomes first EMV Chip fully compliant Nepali Bank

Siddhartha Bank Limited has become the first EMV Chip fully compliant Nepali Bank. The bank has upgraded its card processing platform in coordination with Nepal Electronic Payment Systems Ltd. (NEPS) to comply with processing EMV chip based cards. Issuing a press statement, it stated that, this upgrade has enabled the Bank to eliminate the risk of processing fraudulent transactions through its network and has become the first Nepali Bank which is fully compliant with EMV card issuing, POS merchant acquiring and ATM acquiring. The bank started issuing EMV chip based debit, credit and prepaid card since February 2017.  Following this upgrade, customers with EMV chip card will be able to use their card on POS terminals and ATMs of the bank using secured EMV Chip in place of vulnerable magnetic stripe.