The Industrial and Commercial Bank of China has signed a three-year agreement under which Gemalto will supply contactless cards to the financial institution.
According to a press release, the agreement covers multiple card schemes: American Express; China UnionPay; JCB; Visa; and Mastercard. Gemalto said the dual-interface card format will allow users to transact either by inserting their card into a point-of-sale terminal or tapping it against a contactless payment terminal.
Gemalto has been working with ICBC for about 20 years, according to Michael Au, Gemalto senior vice president of banking and payment for the APAC region.
“Our solutions, which have been at the heart of modern life from payment to enterprise security, are helping to support ICBC’s global business expansion strategy and accelerate China’s cashless revolution,” he said in the release.