VeriFone’s V^x 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.

Having this certification, V^x Solutions products, including dial-up and IP-based countertops and 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 V^x Solutions product line, was certified in January 2006 by the Bank Card Test Center of China – a national test laboratory for payment devices.

“VeriFone’s PBOC V2 certification will ease the acceptance of China UnionPay branded cards worldwide, including prospective markets like Taiwan and Latin America where VeriFone has unrivalled market leadership,” said William Nichols, VeriFone vice president, Emerging Markets & International Marketing. “On the home front, China could accelerate its acceptance infrastructure expansion rate to accept foreign issued EMV or China Unionpay branded chip cards, without the fear of high fraud rates that can accompany a surge in tourism.â€?

EMV is a standard for interoperation of IC cards (”Chip cards”) and IC capable POS terminals. The name EMV comes from “Europay MasterCard VISA”, the three companies which cooperated to develop this standard.