Samsung to Move into China’s Financial Market with Smart Card IC

Samsung announced that its Smart Card IC has earned the “‘PBOC (People’s Bank of China) 3.0” certification. (image: Samsung Electronics)

SEOUL, May 14(Korea Bizwire) –Samsung Electronics will advance into the Chinese financial market through its Smart Card IC which obtained the financial security certification from China.

Samsung announced that its Smart Card IC has earned the “‘PBOC (People’s Bank of China) 3.0” certification. The “PBOC 3.0” is the standard of the financial IC card which was released by the Chinese central bank last February and getting the certification is essential to playing in the Chinese financial market.

Recently, the bank card issuers in China have begun replacing the existing magnetic card with IC card. With the certification, Samsung Electronics is ready to supply smart card ICs into the Chinese market.

Samsung obtained the certification in its three smart card IC products including “S3CT9KC,”“S3CT9KA” and S3CT9PA,” all of which are embedded by Samsung’s own CPU technology “SecuCalm.” Samsung’s smart card IC can also be used both contact and contactless ways in electronic payment readers.

Especially, as non-contact payment interface is rapidly spreading in the Chinese card industry, Samsung’s cutting-edge interface technology in the smart card IC is expected to be the best fit in the market.

According to estimates by market research firm ABI, currently some 530 million IC bank cards are being used in China and 400 million IC cards will be newly issued this year.

IR News Team (irkorea@koreabizwire.com)