NXP Semiconductors NV (NASDAQ: NXPI), a global leader in financial security services and e-government industry, announced that its strategic partner, Wuhan Tianyu Information Industry Co., Ltd. (Tianyu) has been adopted by Industrial and Commercial Bank of China. Designated as a personal bank reader project supplier.
NXP has a long-term close relationship with Tianyu, providing high-quality integrated circuit chips for bank card reader applications. According to the agreement between Tianyu and Industrial and Commercial Bank of China, NXP will collaborate on the “Home Bank Reader†project of Tianyi’s Industrial and Commercial Bank of China and provide advanced intelligent identification solutions. This groundbreaking design project is designed to meet the needs of Chinese consumers for a safer online shopping experience and is expected to change the way the public pays in the future.
Tian Mochen, general manager of NXP's intelligent identification business, said: "The growing online shopping market has created the growth potential of personal banking equipment. We are committed to a secure online financial environment for consumers through a new personal bank card reader solution. Together with our strategic partners, we are committed to providing a secure point-to-point solution for the financial industry."
As people's daily lives become more interconnected, concerns about identity theft, fraud and privacy continue to grow. Today's consumers can associate their own bank cards, enter their user names, login passwords through online banking, and verify the encryption input security code through U-Shield to complete online payment. NXP's breakthrough personal bank card reader technology provides a more convenient and fast mobile payment solution. Bank chips cards with NXP chips can be read by any professional card reader, mobile phone, computer or set-top box. You can also connect to your mobile phone or other mobile device via Bluetooth or audio, and verify the security to complete the transaction without additional U shield protection. At the same time, personal bank readers with embedded NXP chips connect to computers or other mobile devices via USB ports or similar interconnect ports to ensure secure online payment.
Chip cards are widely used in banking, greatly reducing the risk of fraud and ensuring identity security. Tian Mochen is convinced that the IC card with NXP chip embedded will promote the potential business opportunities of Chinese family personal banking equipment. In response to emerging security issues, personal bank readers are seen as an alternative to existing products such as U-Shield, and market demand is expected to exceed 10 million units throughout the year. China UnionPay and a number of commercial banks have launched personal banking card reader programs to address identity theft and privacy issues in today's connected world, providing a more convenient and secure online shopping and transfer experience.
NXP's breakthrough family banking solutions fulfill its commitment to smart living and secure connectivity, and the company's smart identification technology touches the lives of many consumers every day. "NXP will collaborate on the "Home Bank Reader" project of the Industrial and Commercial Bank of China, and provide advanced intelligent identification solutions to meet the agreement between Tianyu and Industrial and Commercial Bank of China." Wuhan Tianyu Information Industry Co., Ltd. Wu Junjun, executive vice president, said.
NXP is the global leader in intelligent identification solutions and the world's largest provider of security technologies, providing security for banks, credit cards, and transit cards, and successfully securing more than one billion financial transactions every day. In 2013, NXP's Smart Identification Business Unit generated sales of $1.3 billion, accounting for 28% of the company's global sales.
About Wuhan Tianyu Information Industry Co., Ltd.
Wuhan Tianyu Information Industry Co., Ltd. (Tianyu) is a professional smart card manufacturer and a professional solution and service provider. Tianyu has world-leading R&D and manufacturing capabilities in smart card applications such as mobile telecommunications, finance, identity authentication, and information security. With technological innovation and application exploration, as well as the effective integration of smart card products, terminals and application systems, Tianyu has achieved a unique leading position in the integrated services field, providing customers with more comprehensive smart card application solutions. For more information, please visit
About NXP Semiconductors
NXP Semiconductors NV (NASDAQ: NXPI) is committed to providing a secure and interconnected solution for the smart world. Based on the expertise of high-performance mixed-signal, NXP continues to innovate in the automotive, smart identification and mobile industries, as well as in wireless infrastructure, lighting, medical, industrial, consumer electronics and computing applications. The company has business executives in more than 25 countries around the world. In 2013, the company's turnover reached US$4.82 billion.
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