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Central bank encourages issuance of IC bank cards
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MAGNETIC stripe bank cards will soon become the dinosaur on China's mainland, as commercial banks are only allowed to issue chip cards starting 2015, according to the People’s Bank of China.
Integrated circuit cards, known as IC cards, are believed to be more secure than traditional magnetic stripe cards because the embedded chips are much harder to clone.
“Information stored in the chip can only be altered by the authorized party, which gives it higher security,” said the PBOC on its official weibo account. “Chips also contain applications of social security, transport, medical care, shopping and utility bills.”
Banks have issued 1 billion chip cards by the end of September so far, and almost half of them were issued during the first three quarters of 2014.
“The banks are clearly accelerating chip card issuance. Financial IC card has become the mainstream product of new bank cards in China,” the PBOC said in a statement on its website yesterday.
The Industrial and Commercial Bank of China stopped issuing magnetic strip cards in the first half of this year. The country’s biggest lender rates its customers to provide differentiated services. Only the four star-graded customers can upgrade their old cards to new chip cards for free.
Headquarters of China Construction Bank allows its branches to decide if banks fees should be waived for certain customers upgrading their cards. Cards can be upgraded without the change of the card number.
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