French smart card vendor Axalto says its Palmera multi-application card has been selected by The Industrial and Commercial Bank of China (ICBC) for the first Chinese EMV card issuance project.
Axalto says ICBC will carry out the first issuance of Chinese EMV cards complying with specifications set by the People's Bank of China.
The multi-application smart cards will enable ICBC to offer financial transactions, e-purse, credit and debit and loyalty programmes.
The vendor says the card's comprehensive security features meet the stringent requirements of both Chinese and international standards and will deliver enhanced user protection to Chinese consumers.
Chan See Weng, VP, Axalto China, says: "Axalto works closely with China banks and payment organisations as the market takes on new challenges presented by the EMV migration project."
Financial terms of the deal were not disclosed.