Three of the top 10 banks in Cyprus have agreed to issue smart cards from Total System Services Inc.'s Card Tech that will support the Europay, MasterCard, Visa security standard.
The Columbus, Ga., transaction processor announced agreements this week with Marfin Popular Bank, Hellenic Bank, and Universal Bank, which plan to roll out the cards over the next two years as part of the standard replacement cycle for their current magnetic stripe cards.
TSYS, which is majority owned by Synovus Financial Corp., bought Card Tech in July 2006. The unit is based in London, but its main operations are in Nicosia, Cyprus.
Cyle Mims, a TSYS spokesman, said that Card Tech also has contracts with three other banks in Cyprus, and that the Mediterranean island has "significant card penetration."
The EMV standard is widely used in Europe and Asia, but U.S. financial services companies have no plans to implement it.
