The German Banking Industry Committee has partnered with Infineon Technologies to launch one of Europe’s biggest contactless payment trials in the metropolitan area of Hanover, Braunschweig and Wolfsburg.
The “girogo” project will offer more than 1.3 million bank customers tap-and-go payment functionality at an array of merchants, shops and gas stations. The contactless bank cards will offer customers the convenience and speed in transactions up to €20. No signature or PIN entry is required.
The new contactless bank cards feature an integrated security chip from Infineon Technologies that not only meets the German Banking Industry Committee’s approval, but also fulfills EMV security requirements for payment cards and meets the “Common Criteria EAL 5+ (high)” international standard.
According to German Banking Industry Committee analysis, the introduction of the chip has been helpful in reducing fraud levels. Data theft at cash dispensers is reported to have been 45 percent down in 2011 from the previous year.