G&D was the major supplier to ’96 Summer Olympic Games Visa Cash pilot
Giesecke & Devrient America Inc. (G&D) announced Thursday that the firm is a leading supplier of Visa Cash(R) cards for Citibank’s innovative smart card project involving more than 700 merchants in Upper Manhattan.
The New York program is the largest smart card project conducted in the U.S. today. This is the second time G&D has participated in a major test of the Visa Cash program, the previous one being the 1996 Summer Olympic Games smart card program in Atlanta where G&D supplied nearly one million cards in the largest implementation of Visa Cash in the U.S. market.
The New York Smart Card Program is an unprecedented alliance involving Citibank, Visa, Chase Manhattan Bank, and MasterCard. In this major project, Citibank and Chase are providing more than 50,000 cards to their customers on Manhattan’s Upper West Side to explore the financial and technological advantages of an electronic payment system designed as an alternative to checks, cash, and coins at the retail level.
“The Citibank smart card program represents an important technological milestone in the development of cashless payment systems in the U.S.,” stated Juergen Nehls, a member of G&D’s board of directors and the head of G&D’s Cards and Payment Systems Division.
Looking to the future, Nehls observed that, “usage of electronic purses, such as the Visa Cash card, will expand from everyday shopping to complex payment systems on the Internet, to closed environments such as stadiums and amusement parks. G&D’s experience in developing secure and innovative payment systems for the world’s leading commercial banks make our firm the ideal partner as the smart card revolution gets underway in the U.S.”
The cards developed and manufactured by G&D, featuring Visa Cash, are being issued by Citibank to its local customers. Consumers will be able to load cash value onto the cards at special loading kiosks located throughout the Upper West Side. The smart cards’ stored value can be used to purchase goods and services at a variety of merchants including restaurants, food stores, dry cleaners, and other retail establishments.
The Citicard, Citibank’s ATM card, and the stand alone, reloadable “Money Card,” provide a convenient alternative to cash for small-value transactions, while offering significant savings in cash handling costs for participating merchants and banks.
“G&D has been an important and responsive supplier of our branded Citicard smartcards for the New York City Smart Card Program. Their products have performed well, they met their delivery schedules and quality targets, and often went beyond the usual to help us meet our schedules,” commented Henry Lichstein, vice president of Horizon Planning at Citibank.
Citibank is a subsidiary of Citicorp (NYSE: CCI), a global financial services organization serving consumers, businesses, government, and financial institutions through 3,200 locations in 98 countries and territories. In the metropolitan New York City area, Citibank serves customers and small businesses through a network of 217 branches.
ABOUT GIESECKE & DEVRIENT
Giesecke & Devrient GmbH is a world leader in the development and production of cards and card systems, including microprocessor, memory, and magnetic stripe cards. A privately-held Munich-based corporation, Giesecke & Devrient employs 4,300 people worldwide in its operating units in Germany, Belgium, Spain, Mexico, China, Russia, Singapore, South Africa, and the United States.
The rapidly expanding G&D America manages 950 employees and is a wholly- owned subsidiary of Giesecke and Devrient. The Virginia-based company focuses its North American sales and development efforts on products for G&D’s Card and Card Systems Division and its pioneering currency processing systems which are used by major central banks and leading commercial banks throughout the world.
As one of the largest manufacturers of secure magnetic stripe and chip cards in North America, G&D operates production and research facilities in Cleveland; Bedford, Mass.; and Philadelphia; as well as in Toronto and Mexico City. Visa Cash(R) is a registered trademark of Visa International. Citicard is a registered trademark of Citicorp.Details