While Japan has the largest number of the smart cards in any Asia Pacific market at more than 37.5 million cards issued, Cambodia (51 percent), Hong Kong (29 percent), Korea (16 percent), Thailand (15 percent), and Australia (12 percent) led migration efforts with growth faster than the quarter on quarter regional average growth of seven percent. Jack Pan, Regional Head, Chip Migration, Visa Asia Pacific said the migration to EMV chip-based smart cards was important as the secure technology lays the foundation for next-generation payment services which combine several functions on one card and enable advancements such as contactless and mobile payment. “The chip on an EMV smart card works like a micro-computer – capable of storing and processing multiple functions simultaneously and performing securely through a multi-layered security system. This protects the cardholder’s transaction information while providing added benefits and convenience as they use their all-in-one card,” Pan said. “Alongside payment, Visa smart cards can also combine functions or applications from different industries such as loyalty or discount points, identification, facility access, transit or health information.“ “Over the past few quarters, several new Visa chip card programs have been launched across the Asia Pacific region that further showcase and exemplify the term ‘smart card’,” Pan said. “Whether it is combining with transit in Taiwan, contactless payments in Malaysia or corporate identity in Korea, the common technology underpinning these innovations is the EMV chip.” Across the region, 1.8 million terminals have been upgraded with EMV chip technology to March 2007. In Japan, leading large retailers including Tobu department stores and the Yodobashi Camera chain have upgraded their terminals to support EMV chip transactions, while in Malaysia and Taiwan, almost all terminals have now been upgraded with chip technology. www.visa-asia.com