Australian smartcard technology provider Keycorp has signed a multimillion-dollar deal with MasterCard International franchise Mondex Korea.
The deal, worth between $3 million and $5 million, includes an initial supply of 300,000 units of Keycorp's new payment card Multos until December, according to Keycorp spokeswoman Maria Thoma.
The card incorporates Keycorp's Multos smartcard operating system and applications like M/CHIP Select (a MasterCard credit and debit application) and Digital Certificate.
Mondex's order was driven by rising fraudulent activity, a problem more common among Asia-Pacific customers from Korea, Japan and Taiwan than in Australia or the US, Thoma told Computerworld.
Multos was developed by Mondex Korea and Kookmin Bank Credit Card Company, a division of Korean bank Kookmin and Korean Telecom Freetel.
The Mondex deal comes hot on the heels of Keycorp's $3 million win on August 3 to provide the National Australia Bank with K23 point-of-sale payment terminals.
Keycorp is a global provider of smartcard and point-of-service transaction systems and network carriage and payment engines.