Samsung Electronics has received due approval from People’s Bank of China (PBOC) to launch its Smart Card IC into the country’s banking card market.

With the recent certification, the South Korean company can supply the security ICs to Chinese banks.

The new security ICs enables banks to use multiple features in a single card, offering more convenient and secure user experiences.

Samsung Electronics System LSI marketing vice president KyuShik Hong said, "The banking card market in China is one of the biggest potential markets with high growth rate."

"We are pleased to be able to offer our outstanding smart card ICs for the Chinese banking card market based on our successful experiences in Europe and Korea.

"Samsung will continue to meet customer needs and enhance user satisfaction by offering ICs that enable faster and safer transactions."