The card industry is undergoing a transformation, with traditional credit and debit cards turning into multifunctional, technologically advanced tools. Contactless and mobile payment options are on the rise, providing consumers with convenient and secure payment methods. EMV chip technology is becoming ubiquitous, enhancing card security. Fintech companies are disrupting the market, offering innovative card-based financial services, from budgeting tools to crypto wallets. Additionally, biometric authentication methods like fingerprint and facial recognition are shaping the future of card security. The cards industry is evolving to meet the changing demands of a digital, fast-paced world.
Coforge supports banks in efficiently managing expansive card management systems. We have successfully migrated legacy applications and upgraded databases to modern Java technology and Oracle DB, thereby raising the transaction approval rate to 94.2% and enabling significant improvement in performance. We have also migrated other credit card platforms to the Mastercard platform, implementing features such as gambling restrictions and Merchant Cashback. Coforge provides cost-efficient solutions, assists with regulatory compliance, and maintains cards processing platforms with agility and automation. Our extensive support team assists clients in managing millions of daily transactions across multiple channels. Coforge also ensures clients' compliance with relevant regulations and industry standards, including PCI-DSS (Payment Card Industry - Data Security Standard).