Commercial banks will stop issuing magnetic strip cards next year, but the enthusiasm for changing the "core" of overseas restricted banks is not high.
In order to promote the popularization of financial IC cards, the reporter learned from China UnionPay yesterday that from this month, the national ATM machine can no longer carry out financial IC card downgrade transactions, that is, the magnetic stripe on the chip and the magnetic stripe composite card is no longer traded. The national POS terminal will also close the financial IC card downgrade transaction before the end of October. According to the regulations of the central bank, since January 1, 2015, commercial banks have stopped issuing new magnetic stripe cards and generally issued financial IC cards.
The era of the original magnetic stripe card is slowly ending, and the era of bank card "core" has become a general trend. However, UnionPay said that the pure magnetic stripe card will continue to be used.
According to the central bank's deployment, before the end of October, the national POS terminal will close the financial IC card downgrade transaction, and each commercial bank will close the financial IC card downgrade transaction on other offline channel terminals before the end of the year. It is understood that the national ATM has closed the financial IC card downgrade transaction at the end of August.
A downgrade transaction refers to a financial IC composite card that has both a magnetic stripe and a chip. When trading on a terminal that already has a chip acceptance function, the card is not inserted or swung, but the transaction is completed by a less secure magnetic strip. .
At present, national ATMs can accept financial IC cards.
According to the regulations of the central bank, since January 1, 2015, commercial banks have stopped issuing new magnetic stripe cards and generally issued financial IC cards. In order to promote the use of financial IC cards, UnionPay's recent discount on financial IC cards is even more powerful than magnetic stripe cards.
However, on the other hand, the reporter found that banks promoted chip credit cards with mixed enthusiasm. The reporter's investigation found that most banks have launched chip debit cards. In terms of credit cards, some banks have also been fully promoted, and even banks have introduced free discounts. However, banks including Bank of Communications, Guangfa Bank, Guangzhou Rural Commercial Bank, and Minsheng Bank are not enthusiastic about the promotion of chip credit cards.
Why do debit cards and credit cards experience different treatments for this business? According to industry insiders, the main problem comes from the production cost of chip cards. The cost of an IC card is 20~30 yuan, and the cost of an ordinary magnetic card is only about 1 yuan. The credit card fee is directly borne by the bank, and the bank cost is increased.
It is understood that the closure of the downgrade transaction has no impact on the acceptance of the pure magnetic strip bank card, only for the domestic financial IC card transactions, the bank card issued in China has no impact on the foreign acceptance.
The reporter observed that the current number of domestic pure chip cards is not much, most of them are composite cards.
Domestic financial IC cards can only be used outside the UnionPay network
Some insiders also told reporters that chip cards due to incompatibility of standards will lead to restrictions on overseas card swiping, which is why some banks are not enthusiastic about promotion.
UnionPay said that the financial IC card uses the PBOC standard, which is technically compatible with the international EMV standard, and the actual use outside the country depends on the relevant commercial acceptance agreement.
It is understood that the current financial IC card issued in China is a bank card of UnionPay brand, which can only be used in the overseas UnionPay network.
The relevant person of an international card organization told reporters that most of the domestic stock cards are double-label cards, but due to standard and technical restrictions, pure chip cards can only be single-label cards, not pure UnionPay cards, or pure another. Card organized card.
At present, international card organizations such as Visa and MasterCard also issue chip cards in China. However, there are not many terminals that handle foreign currency clearing in China, which makes the international card organization's chip cards widely restricted in domestic use.
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