ICBC Selects Gemalto Contactless Payment Cards to Accelerate Chinaa??s Digital Payment Transformation

Gone are the days where cash was king in China. According to China
Tech Insightsa?? report last year, 74 percent of Chinese consumers
said they could live for more than a month with only 100 RMB (which is
less than US$15) in cash. To address this growing hunger for a swift and
convenient payments, ICBC, the largest bank in China, has awarded
Gemalto a three-year agreement to continue supplying contactless cards.
The contract addresses multiple card schemes-branded cards including
Amex, China UnionPay, JCB, Mastercard and Visa.

Chinese consumers are increasingly turning to digital payment methods.
According to the China
Banking Association, China had over seven billion bank cards in
circulation by the end of 2017. With the governmenta??s strong push for
POS upgrade in the past years, Chinaa??s contactless
payments market, particularly in the credit card segment, is set to
grow. Statistics show that there are over 31 million POS terminals
installed in China1, with the majority compatible with
contactless transactions.

Built on Gemaltoa??s solutions, ICBCa??s dual-interface cards (both
contactless and chip) enable consumers to make payments by inserting
them into point-of-sale (POS) terminals or tapping them against
contactless-enabled payment terminals. The latter presents a huge value
to consumers as it is intuitive and can shorten
the checkout time by 63 percent as compared to cash transactions.

ICBCa??s cards follow the security of global EMV
standards. They leverage Gemaltoa??s smart chip not only to secure
cardholdersa?? credentials, but also encrypt its communication with the
POS terminals and processing networks.

"As the digital security leader, Gemalto has been partnering with ICBC
for almost 20 years. Our solutions, which are at the heart of modern
life from payment to enterprise security, are helping to support ICBCa??s
global business expansion strategy and accelerate Chinaa??s cashless
revolution,a?? said Michael Au, senior vice president Banking and Payment
APAC for Gemalto.
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