OREANDA-NEWS. October 04, 2012. BOC issued over 10 million new IC bank cards, thereby taking a leading place in the issuing volume and ranking the first in the transaction volume of electronic cash, reported the press-centre of BOC.

Application of financial IC cards has been a trend in China’s industrial development of bank cards. In recent years, promoted by the People's Bank of China (PBOC), the change of storage medium of bank cards from the magnetic stripe to the chip is being continuously accelerated. Bank of China (BOC) attaches great importance to the financial IC card business. Through making an overall planning and active efforts, BOC has been well-prepared in a short time with regard to the products, services, operation and system as well, and has realized increase in the transaction volume.

The financial IC card boasts revolutionary advantages. Compared to the magnetic stripe card, it can store much more information and has the ability of calculation. The security mechanism of the financial IC card makes copying and counterfeiting more difficult, hence effectively preventing fraudulent transactions with counterfeit card and greatly enhancing the card holders’ capital security assurance. As to the storage capability, IC cards can store a large variety of information such as access control, public transportation, membership, etc. By integrating different applications in one card, the card holders can achieve multiple purposes with this single card. Meanwhile, in contrast to the magnetic stripe card, the IC card enjoys much better quality in terms of the anti-fold, anti-compression and diamagnetic properties; therefore, it has longer service life. Moreover, the financial IC card can be used for electronic cash consumption. Through contactless payment, it is easy in operation and faster in settlement compared with the magnetic stripe card, so it is highly practical in the sectors that demand quick pace such as fast food, transportation and cinema.

Currently, BOC has issued financial IC debit cards and credit cards nationwide, covering different classes including the platinum cards, gold cards and common cards. Except the major products such as Bank of China Wealth Management IC debit card and Great Wall Globe-in-One IC credit card that BOC promotes throughout the country, BOC has also issued various IC cards with distinct features in different regions. The financial IC card that BOC issues mainly adopts TimeCOS/DI with both debit and credit functions. Other than the original bank card functions, it also fully supports fast micropayment.

BOC actively promotes applications of the IC card. It takes the lead in China not only in issuing the financial social security IC card in accordance with the PBOC standard, but also in applying the electronic cash in the micropayment in enterprises and on campus. Besides, BOC is making active efforts in promoting the near-field mobile payment IC card, aiming to provide the customers with excellent services through mobile terminals whenever they need, wherever they are and whatever they demand.

While making steady progress in its domestic business, BOC gives full play to its global network and first realized landing of overseas IC card business. In 2011, it began to issue IC credit cards that comply with the PBOC standard in Singapore. In Macao, it issued Bank of China E-Purse, the first dual-currency electronic cash IC card of this kind, which gained such great popularity among the local people that over 60,000 new cards were issued within half a year. 

The achievement in this phase made by BOC in developing financial IC cards reflects the rapid development of the whole market. Against the background that the magnetic stripe is gradually being replaced by the chip, BOC, always devoted to providing the customers with safe and convenient services, is striding into the new “chip” era.