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Chinese banks to phase out magcards


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Nigeria

IMAGE: PBoC »

October.20.2014

Chinese banks will promote the use of chip cards and phase out magcards forsecurity concerns.

Being more secure and convenientchip cardsas an upgrade of magnetic oneshave becomethe majority of newly-issued bank cards in the country since being introduced in 2011, accordingto the People's Bank of China.

The PBoC has required that commercial banks upgrade their banking systems and widen theuse of chip cardsIt also demanded that since 2015, the newly-issued bank cards with yuan-denominated clearing accounts should be chip ones in economically-developed areas.

Article Credit: Chinadaily

Updated 4 Years ago
 

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Tags:     Chinese banks     chip cards     PBoC

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