Someone is doing EMV, Paypass cards for China! Not too many suppliers of these type of cards-probably a smart chip contact/contactless interface. Keycorp which recently announced an order to South Korea is one. Gemplus maybe. Will we see a mass rollout of such technology...or is PayPass only for high end users like the ones offerred thru Australian banks? The UK suggests otherwise...but we wait.
"Bank To Introduce PayPass To China China’s Industrial and Commercial Bank will offer contactless payment as an option on some of its credit cards, using a PayPass application from MasterCard Worldwide, Card Technology’s sister publication CardLine Global reported. The bank is launching the cards this month, said MasterCard, which indicated it would be the introduction of PayPass to China. The cards also will feature a chip that complies with the EMV smart card standard, MasterCard said in a statement. The payment card organization added that the ICBC launch enables PayPass terminals to be installed in such locations as the Lana Temple, various cinemas and a bicycle-rental chain based in Beijing. But the upcoming 2008 Beijing Summer Olympic Games was only a small factor in China becoming the 20th country to embrace PayPass, MasterCard said. "MasterCard looks at the market and how it will do long-term, not just based on single events," a source told CardLine Global. "But we recognized the impact of the Olympics, which will bring in people from around the globe. Now they will have another payment option." The source added ICBC believed it did not have to hold a test of PayPass. MasterCard tested PayPass on a smaller scale to ensure the technology and system worked. (2007-10-29)"
KYC Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
