China Says No To EMV

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4Q 2011 | IN-1009718

 

China Opts For Its Own Payments Card Standard

NEWS


The Chinese government has announced that all debit and credit cards should incorporate an IC to allow a transition to “Chip and PIN” and has mandated that all Chinese banks should cease to deploy mag stripe payment cards by 2015. This move has come directly from the People’s Bank of China and has government support. In addition China will adopt its own PBOC 2.0 standard rather than the well-adopted and proven EMV standard.

China’s Payment Card Market

IMPACT


With an estimated 2.3 billion payment cards in circulation this mandate is no small task. For IC and smart card vendors this is compelling news and for the overall worldwide smart card market it is a signifi...

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