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The current magnetic stripe card will be gradually replaced with a drip card, some banks to implement free replacement

Update time:2023-04-25 10:18:42 / Views:166

The magnetic stripe card and the drip card are two different cards. Magnetic stripe card for core means that Chinas financial drip card use the card will say goodbye to swipe and shift to insert the card, magnetic stripe bank card will gradually stop

The current magnetic stripe card will be gradually replaced with a drop-in card, some banks to implement free replacement

Nearly 3.4 billion magnetic stripe cards nationwide will be replaced with drip cards.

Financial drip cards

According to the Peoples Bank of China, by the end of the third quarter of this year, the cumulative number of cards issued by Chinas financial drip cards exceeded 1 billion, of which the cumulative number of cards issued by national commercial banks exceeded 900 million and the cumulative number of cards issued by regional commercial banks exceeded 100 million.

Wang Yu, senior risk expert of China UnionPay, said that the magnetic channel information can easily be collected and copied by criminals through the counterfeit card through the detector, and the card is around but stolen. The drip card has key encryption technology and the encrypted information is randomly generated. Currently, there are no actual cases of replication leading to counterfeit card fraud worldwide.

According to the central banks deployment, by the end of the month the nations POS finance will be closed to downgrade transactions on drip cards, which means that bank cards with chips and magnetic stripes can only be inserted into high-security chips and no longer brush low-security magnetic stripes. Starting next year, in economically developed areas, the newly issued RMB settlement bank cards should be financial drip cards.

The chip card is basically available in the usage environment, but the cost of replacing the core is not yet known. At present, the cost of chip card is 8-10 yuan per card, which is 10 times of magnetic stripe card. Nearly 3.4 billion magnetic stripe cards will be replaced by chip cards, and the cost will be tens of billions of dollars.

Some banks can replace the new card with a free drip card

Bank-related sources reminded the public that some banks can replace the drip rubber card for free suggesting that the public apply for the card as soon as possible. At present, many citizens in the hands of the Bank of China social security card is the drip card in the bank branch to open the card drip card bank savings account function, can be used as a debit card; construction bank provident fund dragon card in the hands of many citizens can also go to the bank branch free replacement for financial drip card.

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