JCB Acquires One-Third Ownership of EMVCo

JCB will appoint representatives to the EMVCo board of managers and the executive committee, as well as its working groups. EMVCo manages and enhances EMV Integrated Circuit Card Specifications for Payment Systems in line with advances in technology and the implementation of chip card programs. Since December 2001, JCB has been deploying an EMV-compliant infrastructure in cooperation with banks, card companies and other partners worldwide, as a countermeasure against the increasingly serious threat of credit card fraud. JCB has also been issuing new and renewal JCB smart cards in Japan, where the majority of its cardmembers reside, as well as in other Asian countries. By April 2005, JCB anticipates that about half of its JCB branded cards will be EMV compliant smart cards. EMV smart cards provide higher security, increased multi-functionality and lower counterfeit and fraud risk. Currently there are about 250 million EMV-compliant chip cards and about two million chip card-capable ATMs and POS terminals deployed in the global market, primarily in Europe and Asia.