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To: StanX Long who wrote (64098)	5/30/2002 4:45:58 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Visa Chip cards get the go ahead for Taiwan market By Sherry Chien,The China Post Thursday May 30, 8:00 AM sg.news.yahoo.com Taiwan's National Credit Card Center (NCCC) announced yesterday that NCCC has received certification to process Visa smart cards through VisaNet. NCCC is the largest consumer financial transaction processing system in the world. Its system is capable of accepting overseas-issued Visa EMV smart cards in Taiwan and Taiwan-issued Visa EMV smart cards globally. Taiwan will become the most advanced market in Asia Pacific with the introduction of this smart card infrastructure. NCCC plans on upgrading Taiwan's 37 Visa members from traditional magnetic stripe cards to smart, or chip cards. Magnetic cards currently command around 72 percent of Taiwan's card issuing business volume and 42 percent of acquiring business volume. "Chip migration represents a major focus for card payment companies all around the world. Taiwan is an important market in Asia where Visa has experienced strong growth. By obtaining certification in its local market, NCCC will accelerate Taiwan's progress toward a market-wide migration to chip cards over the next 18 months." said Peter Maher, head of Chip Implementation for Visa Asia Pacific. "Our strategic focus and commitment to chip card migration will fuel growth in the payment card industry, while lowering card fraud and increasing consumer convenience. "NCCC's Visa EMV chip card acceptance infrastructure, coupled with other plans such as the Chip Card Service Bureau, will significantly reduce the barriers to chip migration.