VeriFone Holdings, Inc. (NYSE: PAY) today announced that DBS Bank (Hong Kong) has chosen and has begun implementing the VeriFone Vx 510 payment solution for the enhanced ComPass Visa card, a co-branded credit card jointly offered with Hutchison Whampoa Ltd.
The ComPass Visa card program, which celebrated its 10th anniversary last year, engaged VeriFone to enhance its acceptance infrastructure to provide EMV and multi-application features. The new ComPass smart card, launched last month, carries an embedded microchip to stop counterfeit fraud, thus offering cardholders greater security than conventional magnetic stripe cards. It also offers a powerful loyalty program that rewards cardholders based on their buying preferences. The system allows merchants to customize marketing initiatives to target cardholders.
Five thousand VeriFone Vx 510 payment systems will be deployed across the Hong Kong SAR, including in mega-retail chains such as Park N Shop. This is part of DBS Bank (Hong Kong)'s phased program to upgrade ComPass Visa cards – believed to be the largest EMV smart card transformation exercise in Hong Kong.
The VeriFone Vx 510 payment solution offers the fastest processor in the market with superior performance as well as increased security and convenience to cardholders.
"We are proud to be selected by DBS Bank (Hong Kong) as its payment solution partner in such a visionary project, and are honoured to participate in Hong Kong's largest EMV-smart card transformation," said William Nichols, VeriFone vice president, Emerging Markets & International Marketing.
Nichols noted that VeriFone recently strengthened its presence in the Asia Pacific, incorporating an International Headquarters in Singapore and expanding R&D infrastructure in Manila, India, China and Singapore. "Our R&D centers across the Asia Pacific are able to provide relentless technical support for DBS Bank (Hong Kong)," he said.