Samsung S1 Corporation, Korea’s largest total security system provider, has joined Visa’s Smart Breakthrough (VSB) card program, an initiative by Visa International designed to help accelerate the adoption of chip technology and bring safe and sophisticated payment to cardholders and merchants.
By joining the VSB card program, S1 aims to provide new opportunities for Visa members in reducing costs and improving efficiencies. A key step that S1 has taken is the development of a smart card priced at US 89 cents last year, the lowest in the industry. The newly developed TiEx-8J is a Java-based chip card that is EMV compliant. The TiEx-8J can store up to 10 bank accounts-worth of information, and includes the functionality of both credit and debit cards.
“S1 has differentiated itself from other competitors to offer our customers an innovative product at a lower cost. One of S1’s goals is to support the rapid migration to smart cards and we will continue to work with our customers to provide even more innovative products,” said Taeho Kim, SmartCard team leader at Samsung S1.
Visa’s Smart Breakthrough programme is designed to allow even the smallest of Visa’s member banks to benefit from process associated with bulk orders. The programme covers chip cards, chip terminals and chip card personalisation devices.
With on-going overseas marketing and promotion efforts, combined with Visa’s Smart Breakthrough Card Program, S1’s vision is to become one of the world’s top five smart-card companies by 2010. Last year in Korea, S1 provided 6.5 million smart cards to BC Card, Standard Chartered First Bank and other financial institutions.
YC Kim, Country Manager for Visa Korea said, “Visa’s partnership with Samsung S1 delivers on the promise of innovative, flexible and interoperable smart products that meet global standards. Visa member financial institutions, merchants and cardholders will benefit from Samsung S1’s contribution.”
From his end, Said Shuqom, Visa International General Manager for the Levant commented on the new development, stating: "Our partnership with Samsung is only one of the many ways in which we work to assist our banks. Chip cards will make Visa card payments event safer and our collaboration with Samsung will allow cardholders and merchants in the Levant to have access to the most advanced technologies."
About Samsung S1 Corporation Samsung S1 Corporation is Korea’s largest total security system provider. The market leader in Korea, S1 offers total security solutions, smart card and RFID products. As a digital-era innovator, Samsung S1 Corporation’s main focus is smart cards. S1 also provides a single smart card for multiple applications that include security, payment, transportation, e-money, medical and PC security.
About Visa International
Visa International is a partnership of 21,000 member banks. These banks have issued over a billion Visa cards worldwide on which US$4 trillion per year is spent across over 150 countries.
Visa’s role is to provide payment solutions for its member banks, enabling them to issue cards and process merchants’ Visa card transactions. The Visa products issued by the banks are safer, more convenient and more efficient than cash. Furthermore, they help to bring people into the banking system and to increase the funds available for commercial loans, the lifeblood of a growing economy.
