AUSTIN, Texas - Axalto, which provides microprocessor cards, announced in a news release that its multiapplication smart card, Palmera, has been selected by the Industrial and Commercial Bank of China to be the first Chinese EMV card issued.

ICBC's project requires that the chosen product comply with Chinese EMV debit/credit specifications set by the People's Bank of China. The Palmera card is able to support both Visa and Chinese EMV requirements on a single card.

In August 2005, Axalto's Palmera product received the first EMV certification issued in China, based on PBOC specifications.

"We are proud to be chosen for this world's first Chinese EMV card issuance project," said Chan See Weng, vice president of Axalto China. "As a global leader in financial cards, Axalto works closely with China banks and payment organizations as the market takes on new challenges presented by the EMV migration project."