Developed by Dutch company NXP Semiconductors N.V., the SmartMX2 cards allow for contact and contactless payments. In addition, it will support public transport ticketing, providing physical access or government ID. ICBC plans to launch the new cards in 2013 in a bid to improve security and reduce fraud.
Vice president and general manager, business line card security with NXP Semiconductors, Ulrich Huewels said: "As security and performance were the two biggest criteria for ICBC's project, ICBC selected our solution after evaluating international and local vendors. Our SmartMX2 technology delivers proven security as well as industry-leading transaction times. Combined with the ensured interoperability with POS devices and ATMs across the world, SmartMX2 provides the best combination of security and performance available in the market."