Research and development (R&D) plays an integral part in strategy implementation. Chip Card resources responsible for developing new products and improving old products allow effective operations and strategy implementation. Our R&D employees and managers perform tasks that enable the transfer and implementation of complex technology into products we offer, adjusting processes to new market trends, adapting processes to our local market needs, and altering products to particular customer requirements and specifications.
Our R&D policies match market opportunities with internal capabilities and can be summarized as follows:
1. It emphasizes product or process improvements based on internal R&D.
2. As the payments industry technology is changing rapidly major efforts in R&D in developing new technology may be very risky, because it may lead to the development of an ultimately obsolete technology or one for which there is no market – therefore we rely on our technology partners to obtain R&D expertise and to obtain results on an exclusive or nonexclusive basis from an outside firm.
3. Perform R&D within the firm or to make R&D contacts outside of the firm.
4. Where possible we cooperate with local university researchers.
Chip Card R&D philosophy tends to be guided by the “innovative imitator” approach, one that ensures the provision of successful products to our customers, while minimizing the risks and costs of ambitious but risky project often attempted by start-up.
Future plans and aspirations:
- „Going mobile“, which means more investments in mobile NFC proximity payments area, integration with mPOS and Remote Payments platform
- Big Data (BI, CRM). As one of the leading issuing / acquiring processors in Serbia, Chip Card will help its customers to better understand end-client needs
- Further investments in efficient fraud prevention / detection systems
- Mandatory and optional ICO implementations
- Implementation of specific requirements and characteristics of the local market (DinaCard EMV CPA platform)
- Future improvements on acceptance side, especially in eCommerce area
- Our standard long-term goal is to maintain a high level of availability and ensure data security through investments in the ICT department / infrastructure.