Verifone's Vx Solutions Certified for China's EMV Payment Standard
Will Support China UnionPay Brand Chip Cards in China and Globally
February 21, 2006
Beijing, China - February 21, 2006 - Verifone Holdings, Inc. (NYSE: PAY) today announced that its Vx Solutions payment products have been certified to meet the People’s Bank of China's (PBOC) standard for chip card payment acceptance. The bank's PBOC V2 standard is a localized version of EMV for domestic bank cards.
With the certification, Vx Solutions products, including dial-up and IP-based countertops as well as wireless based mobile devices, will be able to support EMV cards and China UnionPay branded chip cards inside and outside of China.
To drive chip migration in China, the PBOC issued the EMV-compatible national payment standard for new POS payment systems deployed in China. The Verix V architecture, which powers the Vx Solutions product line, was certified in January 2006 by the Bank Card Test Center of China – a national test laboratory for payment devices.
Verifone has a strong presence in all markets that China UnionPay has penetrated, including Singapore, Malaysia, Hong Kong, Thailand, USA, and Germany.
"Verifone’s PBOC V2 certification will ease the acceptance of China UnionPay branded cards worldwide, including prospective markets like Taiwan and Latin America where Verifone has unrivaled market leadership," said William Nichols, Verifone vice president, Emerging Markets & International Marketing. “On the home front, China could accelerate its acceptance infrastructure expansion rate to accept foreign issued EMV or China Unionpay branded chip cards, without the fear of high fraud rates that can accompany a surge in tourism.”
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.