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ICBC Begins Issuance of Contactless Visa Wave Co-branded Credit Card - G&D Starts Providing Visa Wave Credit Card
Recently ,The Industrial and Commercial Bank of China (ICBC), the Parkson Group and Visa have recently announced the issuance of the first contactless Visa Wave co-branded credit card – the Peony Parkson Credit Card.
Different from traditional credit cards, the Peony Parkson credit card is embedded with an EMV standard compliant chip. As a result, it serves not only as an ordinary magnetic stripe credit card, but also as a contactless payment method at POS terminals supporting Visa Wave cards. Cardholders only need to swipe the card to complete payment, and within 4 seconds, the entire payment procedure including printing of the receipt can be completed securely, thus saving time for both cardholder and cashier.
In addition to the multiple payment methods offered by the Peony Parkson credit card, the issuance of the EMV standard compliant card represents an important step toward EMV migration.
In the first stage of this project, Parkson will ask all its loyalty card holders to replace their old card with the new Visa Wave card. With this new card, customers can continue to participate in the Parkson Loyalty Programme while embracing this ground-breaking, innovative payment method. The use of this new card is planned to expand to supermarkets, fast food restaurants, cinemas, parking lots and gasoline station, amongst other businesses.
Following the successful launch of the Visa Wave card in Malaysia，G&D introduced this card product to ICBC, one of its most important strategic partners in China. With the introduction of this product, it not only indicated that the gap between the overseas market and the China market was closing, but also offered a signal that banks and card manufacturers are prepared for the upcoming large-scale migration to EMV payment technologies.
In addition to being a premium card provider for ICBC, G&D also provides the bank with a wide range of products including transit cards, campus cards, social security cards and USB keys. On the basis of this long-standing relationship between G&D and ICBC, both parties are inclined to continually introduce technologically leading products and services, including EMV migration.