DBS Hong Kong Enhances Successful ComPass Program with Verifone’s EMV Solution
Upgrade to Most Successful EMV-Based Loyalty Program in Hong Kong with 500,000 Cards In Force
August 02, 2006
Singapore - August 2, 2006 - 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 centres across the Asia Pacific are able to provide relentless technical support for DBS Bank (Hong Kong),” he said.
About ComPass Visa
The co-brand ComPass Visa is jointly offered by DBS Bank (Hong Kong) Limited and Hutchison Whampoa Limited. Relaunched with the latest EMV standards in June 2006, the card was first launched in 1995. Then it was the world's first credit card embedded with the Visa Easy-entry standards, largely for its customer loyalty platform, giving customers the highest conversion rate of instant cash rebates at supermarkets, healthcare chain stores, telecommunications shops, electrical appliances retailers and gas stations in Hong Kong. ComPass Visa's customer loyalty platform also started the trend for supermarkets in Hong Kong to accept credit cards. ComPass Visa has achieved a brilliant track record in terms of card-in-force and popularity throughout the past decade since its launch. With some 500,000 cards in circulation, it currently has the largest customer base for chip cards in Hong Kong.
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with almost five million customers and operations in 15 markets. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS’ "AA-" and "Aa2" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from www.dbs.com.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.