VeriFone's (PAY) Vx Solutions payment products have been certified to meet the People's Bank of China's (PBOC) standard for chip card payment acceptance.
The bank's PBOC V2 standard is a localized version of EMV for domestic bank cards.
With the certification, Vx Solutions products, including dial-up and IP-based countertops as well as wireless based mobile devices, will be able to support EMV cards and China UnionPay branded chip cards inside and outside of China.
To drive chip migration in China, the PBOC issued the EMV-compatible national payment standard for new POS payment systems deployed in China. The Verix V architecture, which powers the Vx Solutions product line, was certified in January 2006 by the Bank Card Test Center of China – a national test laboratory for payment devices.
VeriFone says it has a strong presence in all markets that China UnionPay has penetrated, including Singapore, Malaysia, Hong Kong, Thailand, USA, and Germany.