ICBC launches first Visa EMV dual interface credit card in China

The Industrial and Commercial Bank of China (ICBC) is issuing its customers with the country's first ever Visa EMV payment card allowing both contactless and contact-based payment.

Cardholders can pay for purchases quickly and conveniently by simply swiping the Visa payWave card across a contactless POS terminal or alternatively inserting it into the slot of a card reader. The dual interface cards are being issued in partnership with the Asian retail group Parkson in China, whose customers can also use them to collect loyalty points. ICBC and Parkson are planning to issue the Peony Parkson credit card to tens of thousands of bank and retail customers this year. The Chinese subsidiary of the German technology enterprise Giesecke & Devrient (G&D) has been selected to supply the cards to ICBC.

“ICBC has a reputation for being one of the earliest adopters of new technology in the Chinese banking world. In this respect it often relies on the innovative power of its partners and suppliers. The fact that we are recognized as an international leader in contactless card technology with a wealth of relevant expertise from numerous projects around the world weighed greatly in our favour when it came to introducing the dual interface cards,” explains Dr. Roland Savoy, MD, G&D China.
The chip embedded in the card complies with the EMV standard.

The issue of the Peony Parkson card represents an important step towards wide-scale migration of payment cards in China to the international standard for chip-based payment methods. The existing Parkson loyalty program will be expanded, enabling customers to pay and collect points in supermarkets, fast-food restaurants, cinemas, parking lots and gas stations with this card.