Collaborating with Gemalto to Launch Multifunction SIM Card Technology and Hitting a New Milestone
Hong Kong - March 18, 2015 - Joint Electronic Teller Services Limited (“JETCO”) and Gemalto [N.V. (”Gemalto”)] today jointly announced the successful co-development and launch of a new multifunction SIM card technology; and along with the “TSM” (Trusted Service Manager) platform which handles the exchange of personal identity authentication and confidential data, JETCO is ready to provide users in Hong Kong and Macau with the first mobile payment solution accommodating different smart phone models, mobile service carriers, credit card types and card-issuing banks.
Following the roll-out of detachable mobile payment device, JETCO and Gemalto now come up with a new multifunction SIM card. This multifunction SIM card is compatible various mobile payment platforms. In addition to lifting the restrictions on smart phone models and credit card types, users are free to store more than one credit card issued by different banks, and preset the maximum payment amount for mobile payment purposes. Together with the high standard of encrypted protection, mobile payment conducts in a secure and reliable manner.
JETCO Chief Executive Officer Angus Choi said during the press briefing, “When developing JETCO’s mobile payment platform, we see enhancement of consumers’ experience as our priority. Since this multifunction SIM card accommodates information of more than one credit card and puts aside the need to carry the physical credit cards while spending, users can effortlessly enjoy the various discounts jointly offered by the merchants and the different banks. The platform supports transactional payments by VISA, MasterCard or UnionPay ("CUP") credit cards which are widely accepted by retail merchants in both Hong Kong and Macau.”
The development and penetration of mobile payment services in Hong Kong are behind when compared to other countries. Adapted fully to the characteristics of the local market, JETCO successfully built a mobile payment infrastructure that is interoperable, provides comprehensive coverage, easy to use and suitable for the Hong Kong and Macau markets, Angus Choi continued.
Gemalto Chief Operation Officer Philippe Vallee commented in the same event: “Hong Kong is a mature consumer market. Among Asia Pacific countries, Hong Kong has the highest smart phone penetration of 87%. We see tremendous growth potential for mobile payment services in Hong Kong, especially due to the unlimited cross-border trade opportunities with Mainland China. I want to reiterate that Gemalto is committed to empower JETCO to extend a secure and convenient mobile near-field communication payment platform for the masses. I look forward to seeing positive and rewarding outcome for our contribution in promoting cashless mobile payment in Hong Kong.”
“We hope to turn JETCO’s developed technology into industry and market standards in Hong Kong. JETCO will also be actively carrying out consumer education activities to increase merchants’ and users’ understanding and confidence of mobile payment usage. The company is devoted to lead the development of cross-border mobile payment technology in Hong Kong and Macau, aiming to make mobile payment more widely adopted, and promoting the further growth of both JETCO and the mobile payment market,” Angus Choi added.
Looking ahead, in view of the trend in “P to P” ("Person to Person") fund transfer, JETCO will develop a mobile platform for fund transfers between personal bank accounts. JETCO is targeting to break away from traditional mode of payment with its own technological innovation - mobile payment or fund transfer shall no longer be confined to the near-field communication technology and limited to small transaction amount. JETCO has started exploring the related technologies and solutions applicable to different banks and credit cards, and various mobile devices; the company does not rule out the possibility of cooperating with other platforms.
– End –
About Joint Electronic Teller Services Limited
Joint Electronic Teller Services Limited (“JETCO”) was established in 1982 by five banks, namely, Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; Chekiang First Bank Limited (now OCBC Wing Hang Bank Limited); Shanghai Commercial Bank Limited and Wing Lung Bank Limited. Today, JETCO has over 30 member banks in Hong Kong and Macau and supports a range of banking services to these member banks covering both regions.
Today, over 3,000 ATMs in Hong Kong, Macau and more than 20 cities in Mainland China are connected to and operated through the JETCO network. Customers can use JETCO ATMs to make cash withdrawals, fund transfers, balance enquiries, bill payments, credit card payments, charitable donations and more.
In addition, JETCO works with other international networks to provide ATM service to cardholders of China UnionPay (CUP) and MasterCard. Holders of cards that bear the CUP or MasterCard/Cirrus logo and are issued by JETCO member banks can make cash withdrawals and balance enquiries through ATMs anywhere displaying the two logos.
JETCO continuously strives to enhance the range and quality of its service offering, and has been awarded a number of international professional qualifications in recent years. The company achieved Quality Management System (ISO 9001) and Information Security Management System (ISO 27001) certification in 2007. JETCO’s Internet Payment Gateway service has complied with the Payment Card Industry Data Security Standard (PCI DSS) since 2005.
Gemalto (Euronext NL0000400653 GTO) is the world leader in digital security with 2012 annual revenues of €2.2 billion and more than 10,000 employees operating out of 83 offices and 13 Research & Development centers, located in 43 countries.
At the heart of today’s rapidly evolving digital society, billions of people worldwide increasingly want the freedom to communicate, travel, shop, bank, entertain and work – anytime, everywhere – in ways that are enjoyable and safe.
Gemalto delivers on the market’s expanding needs for personal mobile services, payment security, authenticated cloud access, identity and privacy protection, eHealthcare and eGovernment efficiency, convenient ticketing and dependable machine-to-machine (M2M) applications. Gemalto specializes in the design and personalization of secure embedded software and secure products. The company provides platforms and services which manage these products, the confidential data they contain and the trusted end-user services they make possible.
Gemalto has the innovations to enable clients to offer trusted and convenient digital services to billions of individuals in the world. The company thrives with the growing number of people using its solutions to interact with the digital and wireless world.
For more details, please visit www.jetco.com.hk and www.gemalto.com.