According to the Peoples Bank of China understand: the bank in many of the first and second-tier city stronghold has not handled the magnetic stripe bank card business, now has been to the financial ic card transformation, the bank estimates that in 3 to 5 years time is expected to all change to ic card.

The magnetic stripe bank card has seen a large number of theft incidents in the past few years, making users "fearful", in order to address the concerns of users, many banks have gradually transformed to financial ic cards, providing users with more secure and convenient services.

Magnetic stripe card transformation, card manufacturers harvest season

The magnetic stripe card is divided into a high-octane magnetic stripe and a low-octane magnetic stripe, both of which have a relatively low cost and are very difficult for card manufacturers to make a profit on.

Financial ic card growth trend

Financial ic cards have been promoted in previous years, but there are relatively few card users. However, the frequent occurrence of magnetic stripe card theft in recent years has made financial ic cards a major trend in the industry. In 2010, the issuance volume of financial ic cards was about 20 million cards per year, but by 2013, the issuance volume of financial ic cards had reached 420 million cards per year. Feiyue smart card manufacturers suggest that because the financial ic card is an integrated circuit card, it is not easy to be copied, and the security and storage capacity are relatively high. It is recommended that users replace the magnetic stripe bank card with a financial ic card in the shortest possible time to provide an additional security guarantee for your property.