Eurosmart projected that by the end of 2009, 710 million smart cards including debit cards, credit card and e-cash cards will be distributed in the financial sector.

Mobile banking is a growing business trend influenced by two factors: mobile broadband technology and smart card technology. These two also decide the necessity of two banking trends: off-the-counter business (including online banking, automatic card issuance, through which banking business can get rid of its dependence on bank counters) and combined business (e,g, mobile payments and co-branded bankcards).

Watchdata is accordingly committed to providing secure and convenient solutions in today’s rapidly changing financial service sector. Banks need to make strategic choices to stay ahead of the competition. Choosing which future smart card technology to go with is an important - but one of the toughest - choices to make.

Security advantage of USB tokens

The online banking business is gaining more and more momentum with security becoming a major concern.

With an independent chip operating system (COS) inside to prevent attacks, USB tokens are usually the best data carrier and authentication tool. Banks all over the world have adopted the use of USB tokens for this precise reason.

Watchdata is able to provide highly secure, efficient, interoperable and cost effective USB token solutions that cater to the financial institutions through its award-winning TimeCOS® operating system. So far, it has provided more than 7 million USB token total solutions to China’s well-known banks, including Construction Bank of China and Agriculture Bank of China.

To make the online banking process more secure, Watchdata also pushed forward WatchKEY OCL™. It is a USB token with higher visible and controllable security for online transactions, adopted by all the banks in China. WatchKEY OCL™ allows the user’s physical authentication in an online transaction with button press and screen display. Users can read the transaction information on the screen and press the button to confirm the transaction is valid; ultimately preventing attacks from hackers.

A leap into EMV and multi-application payment card

In August 2009, Singapore’s DBS bank, EZ-Link and Visa co-issued the first payment card in Singapore that combines EMV, Visa payWave and transport features in a single-chip smart card. The highly customized and flexible card uses Watchdata’s leading-edge technology approved by Visa for Visa Smart Debit Credit (VSDC) and payWave. The card also supports the Singapore Standard for Contactless ePurse Application (CEPAS) that provides better convenience and more options for consumers in making cashless payments in and around Singapore. This card deploys the most advanced smart card security standards available, ensuring reliability and accuracy in identifying each payment transaction when in close proximity with the card readers.

Watchdata has also been dedicated to EMV’s non-card form factor (NCFF). Among all its innovative products, Watchdata’s SIMpass™ mobile payment solution and URpass™ are some of the highlights that provide convergence of different sectors that include banking, retail, transit, mobile telecom. In the near future, SIMpass™ and URpass™ can be equipped with EMV functionalities that transform it into a NCFF bankcard.