Sydney-based electronic payments outfit Keycorp is reporting a multi-million dollar contract with Mondex Korea for the provision of 300,000 Multos chip cards.
The new payment card will incorporate Keycorp's Multos smartcard operating system and additional applications such as M/Chip Select (MasterCard credit and debit application) and digital certificates. The rollout is expected to be completed by the end of the year.
The payment card is a cooperative effort between Mondex Korea, Kookmin Bank Credit Card Co and local telco KTF (Korean Telecom Freetel).
The deal comes on the back of a recent A$3 million order from the National Australia Bank for Keycorp's K23 advanced point-of-service payment terminals.
The new Mondex contract will be a shot in the arm for Keycorp, which recently reported a half-year operating EBIDTA loss of $11.9 million and scaled back its international operations in an effort to reduce costs.