BEIJING - Axalto, a provider of microprocessor cards, announced in an Aug. 29 news release that its Palmera product has achieved the first EMV certification issued in China.
Based on the debit/credit specification by People's Bank of China (PBOC), the certification is awarded by the China Banking Card Test Center. It also is fully compliant to the international EMV2000 standard. Axalto Palmera also has become the world's first product that supports Visa, MasterCard, JCB and the latest China EMV applications on a single card.
"While EMV migration brings more secured payment transaction to the users, it also creates opportunities for banks to further differentiate themselves from competitors by offering personalized and more sophisticated multiapplication services to their customers," said Zhimin Zhang, manager of the banking card department at PBOC. "As banks in China roll out EMV migration plans under the guidance of PBOC, it poses great opportunities for both the domestic and international banking cards industry."
Read also, EMV: When will it hit the United States?
