October 18, 2011

Cubic receives EMV bank card type approval

Cubic Transportation Systems Inc., the transportation unit of Cubic Corp., received approval from the top four bank card brands for the Tri-Reader 3 to process their branded contactless EMV bank cards for use in public transit revenue management systems.

Cubic has equipment and systems supporting seven of the top 10 largest public transit markets in the U.S., UK and Australia as well as other major markets around the world.

The Tri-Reader 3 is the first contactless smart card device designed for use in public transport to process all industry standard contactless smart cards. The reader also processes bank-issued contactless EMV cards that meet the financial industry's standards for contactless open payment, and has been approved by EMVCo, American Express, Discover, MasterCard and Visa.

The Tri-Reader 3 was developed by Cubic on behalf of Transport for London and the company has a worldwide license for its use for open payments. Cubic's technology can also support payments made with Near Field Communications (NFC)-powered mobile phones, a form of payment that Cubic has tested in U.S. and European transit systems.

 

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