Visa conquers China

The dual interface Visa cards were introduced by the Industrial and Commercial Bank of China (ICBC). The cards are destined for contact-based and contactless payments.

The new product based on the Visa's payWave contactless technology was developed under the partnership of ICBC and local retailer, Parkson.

With the ICBC’s cards customers will be able to make low value payments by swiping their cards across contactless POS terminals nationwide.

The impetus that incited China to shift to an EMV chip card pilot programme in 2005 was a massive data breach at CardSystems Solutions in the US when 40 million cardholders were exposed to a potential fraud.