VeriFone Systems, a provider of electronic payment solutions and digital security solutions provider Gemalto, have planned to jointly introduce EMV chip and pin solutions for the US market.
VeriFone said that as US banks, retailers and card networks increasingly acknowledge chip card and contactless technologies as a core component of a comprehensive security infrastructure, the companies intend to introduce EMV smart card solutions that provide a better cardholder experience and complete data protection at the point of sale.
Accrding to the VeriFone, combining the two companies’ expertise for both issuing and accepting smart cards will provide a ready infrastructure to advance the US market towards a better secure and convenient payment method.
In October 2010, VeriFone and Gemalto entered into partnership that entails cooperative efforts in EMV chip card solutions, the handover of Gemalto’s point of sale (POS) solutions business to VeriFone, and Gemalto’s appointment as the preferred supplier of Machine-to-Machine (M2M) wireless modules and related solutions for VeriFone payment systems.
VeriFone and Gemalto have also finalized the transfer of the POS solutions business, effective 31 December 2010 and VeriFone has assumed the fulfillment of existing customer relationships and product requirements for Gemalto POS customers, who are mainly located in the Middle East, South Africa and India.
Concurrently, Gemalto has been designated VeriFone’s preferred supplier of M2M wireless modules and related solutions. However, no financial terms were disclosed.