On October 19th, the “2012 Financial IC Card High-Level Forum†hosted by the Agricultural Bank of China and co-organized by China UnionPay was held in Beijing. Nearly 200 people from the People's Bank of China, the Ministry of Human Resources and Social Security, the Ministry of Health, China UnionPay, Industrial and Commercial Bank, Agricultural Bank, Construction Bank, industry representatives, authoritative experts, market veterans and news media reporters attended the forum. With the theme of “smart 'core' and future lineâ€, this high-level forum brings together experts and scholars in the field of financial IC cards to explore the development status of financial IC cards, explore the future development direction of financial IC cards, and explore and solve existing problems and developments. Effective Ways. Through exchanges to understand the development status of the domestic and international financial IC card industry, the concept of financial IC card is deeply rooted in the hearts of the people, and the development results of financial IC cards benefit the public.
Cai Hua, deputy governor of the Agricultural Bank of China, expressed warm welcome to the arrival of the distinguished guests and hoped that all sectors of the society would work together to accelerate the widespread application of domestic financial IC cards. At the forum, the speakers were respectively on "Finance IC Card Policy and Industry Dynamics", "Financial IC Social Security Card Prospects", "Resident Health Card Status and Prospects", "Financial IC Card Product Innovation and Industrial Upgrade", "Commercial Banking financial IC card promotion and application of advanced experience "five aspects, explain the development prospects of financial IC cards, explain the value of financial IC cards, show the development results of financial IC cards, and paint a blueprint for the development of financial IC cards. The forum is rich in content, rich in ideas, and fruitful in results. It has been highly praised by the guests, and is of great significance to promoting and promoting the development of China's financial IC card industry and the sustainable and coordinated development of China's bank card industry.
From this forum, we can see that all levels of departments have a high degree of understanding of financial IC cards and are eagerly awaiting the promotion of financial IC cards. To this end, we also analyze the current situation and existing problems of financial IC cards from the guest speeches and other materials, so as to serve as readers.
1. Current status of financial IC cards
Li Xiaofeng, director of the Office of the Leading Group of the Financial IC Card of the People's Bank of China, introduced at the meeting that at present, the number of banks with financial IC card issuance qualifications reaches 78, and it is expected to reach 100 by the end of the year. Up to now, more than 48 million financial IC cards have been issued nationwide. He predicted that by the end of this year, the number of financial IC cards issued will reach 70 million. The scale of China's financial IC card development has entered an accelerated phase.
Xu Luode, President of China UnionPay, gave a keynote speech at the forum. In his speech, Xu Luode introduced the work of UnionPay in promoting the promotion and application of financial IC cards, and suggested that all parties concerned deepen cooperation and accelerate the scale development of financial IC cards. Xu Luode said that since the launch of the financial IC card promotion work, under the guidance of the People's Bank of China, UnionPay has jointly achieved positive results in terms of transfer clearing, acceptance of environment, industry application, product innovation and risk prevention. At present, UnionPay is constantly improving the general infrastructure of financial IC card networking and promoting the construction of financial IC card acceptance environment. The POS terminal in the country has been basically completed and accepted, and the ATM terminal transformation will be basically completed by the end of this year. Organize cashier training and financial IC card promotion in various places to optimize the soft environment for financial IC card payment. Accelerated expansion of industry applications, continuous improvement of innovative products and service systems. UnionPay also established a risk management rule for financial IC cards in conjunction with commercial banks to enhance the confidence of financial IC card holders and jointly maintain the security of the payment environment. Xu Luode pointed out in his speech that China's financial IC card scale development has already provided conditions and foundations, which has brought opportunities for all parties in the industry. At the same time, the promotion of financial IC cards is a complex system engineering, and it faces many challenges in issuing cards, accepting environmental construction, and marketing. Xu Luode said that UnionPay will continue to adhere to a cooperative and open attitude. Under the guidance of the People's Bank of China, it will further deepen cooperation with all parties in the industry, especially in strengthening card issuance, accelerating product innovation and business layout, and expanding financial IC card applications and publicity. The service sector combines closely with each other to provide better service to cardholders and promote the migration of chips in China's bank card industry.
2. Problems encountered in the development of current financial IC cards
2.1 The cost is high and the profit model is unknown.
The bank’s cold-to-IC financial card issuance of the central bank has made it clear that major commercial banks such as industry, agriculture, China, construction, and postal services, and China Merchants Bank, China Merchants Bank, etc., have taken the lead. In this year’s new card issuance, the proportion of financial IC cards needs to be reached. 15%. By the end of the year, the People's Bank of China will accept this ratio. However, in the context of the squeezed bank's earnings, some banks, including state-owned banks, are worried that the target of financial IC cards accounting for 15% of new card issuance at the end of this year may be difficult to achieve. "High cost is not the most important issue. It also involves a huge system transformation in the back office of the bank. The system for acquiring and swiping cards must be combined with the new standards of IC cards." In the eyes of a state-owned big line, magnetic The mode in which the strip card is in parallel with the chip card will continue for a long time.
The cost of card is not to be underestimated. In addition, although the high cost is not the main problem, the reaction of the industry insiders, the high cost may indeed be a factor that commercial banks have to consider. "Small and medium-sized banks are subject to cost considerations, at least we are still waiting to see." A bank credit card center said that in the above-mentioned IC card acceptance environment transformation, UnionPay gave the bank the corresponding subsidies to share the cost of transformation, but At present, there is almost no cost subsidy for IC card issuance. A UnionPay business promotion staff introduced that in most banks, the cost of issuing cards is at the expense of the bank. At present, the cost of issuing an ordinary magnetic stripe card is about 1 yuan/piece, while the cost of issuing a financial IC card of a PBOC 2.0 is as high as 20 yuan.
According to the above-mentioned central bank's financial IC card issuance target, major commercial banks such as industry, agriculture, China, construction, exchange and postal storage have taken the lead. In this year's new card issuance, the proportion of financial IC cards needs to reach 15%. Comprehensive industry, agriculture, China and construction (not disclosed by the Bank of Communications) Last year, the number of new cards in each bank was calculated. The cost of issuing cards for the four major banks increased by at least 728 million yuan this year (public information shows that ICBC added new bank cards in 2011). 57.86 million pieces. If the total cost of each IC card is 20 yuan based on the newly added 51.86 million sheets in 2011, the IC card that accounts for 15% of the total cost will cost 173 million yuan. Similarly, ABC, BOC, CCB It will cost 231 million yuan, 108 million yuan and 216 million yuan respectively. But the problem is that this is only 15% of the new card issuance costs, and has not considered the base growth factor. If all IC cards are issued, the cost is obviously not to be underestimated.
2.2 What is the cooperation mode between financial IC cards and industry?
The People's Bank of China is determined to promote the “replacement of bank cardsâ€. The “Opinions on Promoting the Application of Financial IC Cards†issued on March 11 last year listed the objectives and specific implementation steps. According to the "Opinions", from January 1, 2015, in the economically developed regions and key cooperative industries, the bank cards issued by commercial banks and settled in RMB should be financial IC cards. Since last year, the People's Bank of China has mainly promoted the transformation of the IC card acceptance environment, including the transformation of ATM machines and POS machines. The focus this year is to promote the issuance of more cards by various banks and to integrate more industry applications.
At present, the social security card has been loaded with financial functions, and the Ministry of Health has also launched a health card in cooperation with the bank. Behind the issuance of these financial IC cards with industry application functions, the game between the competent authorities of the industry and the banks is implied, and both parties hope to “take me as the mainstayâ€. At present, the bank's right to speak is relatively weak. "It is based on the industry application card, and the financial function is loaded instead of loading the industrial application function on the basis of the financial card." This makes the bank bear the card issuance. The cost, but the management of the card is mainly attributed to the industry authorities.
The bigger problem is that various industry authorities and local governments want to push various cards and load financial functions on these cards, without an authoritative authority to integrate. For example, the education department hopes to push the education card and the tourism department wants to push the travel card. The situation that may eventually lead to is "more and more cards, and wallets are getting bigger." Li Weiping, director of ICBC's personal finance business, is concerned that if the industry's application functions cannot be integrated, the results of promoting financial IC cards may run counter to the expected goals. “Not only that, different industry applications belong to different industries.
The competent department, in the case of different understandings and inconsistent requirements of the competent authorities, the mode of the card, the introduction of data, and the process of issuing cards are not the same, which causes the commercial banks to repeat in system construction, card holding and card issuance. Investment, long-term operation and maintenance, is a waste of social resources. Li Weiping said.
To this end, Li Weiping called for the strategic height of accelerating the promotion and application of national financial IC cards, standardizing the application mode of financial IC card multi-industry as soon as possible, and avoiding repeated investment to reduce costs.
2.3 Need to train a large number of people
According to the work schedule of the People's Bank of China, the promotion of financial IC cards has been fully carried out and steadily advanced. On January 1 next year, IC cards will be completed at all terminals in China. According to the data disclosed by China UnionPay, almost all POS machines are now accepting IC cards. About 270,000 ATM machines have been remodeled. By the end of this year, about 400,000 ATM machines can accept IC cards, and non-renovation has been completed. There are nearly 600,000 merchants.
However, in addition to a large number of system transformations, the heads of relevant businesses in a country have pointed out that the biggest challenge in implementing financial IC cards is to accept the environment. For example, at present, there is still a lot of training work for cashiers. “It takes a lot of time and manpower. If the card is not used, it will affect the profit.†The popularity of financial IC cards and merchants The POS terminal upgrade and the training of the cashier-related business are inseparable. A media survey found that most merchants' cashiers are still using the "swipe card" method for financial IC cards. Merchants have POS machines that can read financial IC cards, but the cashier's operating level is uneven. After receiving the cardholder's bank card, most cashiers usually do not discriminate, but habitually perform the card swiping operation. Only when the cardholder's reminder or request is made, the chip is selected (plug-in card). . Some cashiers even ask: "Is the brush magnetic strip different?" Bank related sources said that the financial IC card "brush" magnetic strip consumption, which is actually equivalent to downgrade use. The indifference of some cashiers, coupled with the cardholder's lack of understanding of the choice of card reading channels, so that the security protection of financial IC cards is ineffective. In a supermarket, the reporter randomly interviewed several citizens who hold financial IC cards. Most of them said that they had previously learned through financial media that financial IC cards are more secure. However, in actual use, they never realized that they could Asking the cashier to choose a card transaction is often a "brush".
2.4 Citizens do not actively operate cards
Among the 30 questionnaires distributed by media reporters, only 4 people have already applied for and used financial IC cards, accounting for 13% of the total number of people surveyed. Only one of the four citizens took the initiative to go to the bank to handle the financial IC card. The other three were replaced by financial IC cards because the original magnetic stripe card was missing and needed to be replaced. The four citizens all said that the current financial IC card is no different from the previous magnetic stripe card, and does not reflect more convenience and security. Mr. Liu said that because he was just ready to buy gold, he also noticed that there are a lot of preferential activities on financial IC cards, such as “20 yuan to watch movies†and 10% discount on shopping malls, so I went to the bank to open a financial IC. card. "There are more concessions, and the function of 'Flash Pay' is very fresh, but it is a bit of trouble that this function needs to be carried out on the ATM of the bank to carry out 'circling and circle'. It is better to directly swipe the card." Mr. Liu said frankly.
In the interview, the reporter found that some citizens use financial IC cards only for "early adopters" and for preferential treatment. The remaining 26 citizens in the survey indicated that they did not understand the financial IC card and did not take the initiative to go to the bank to exchange the existing magnetic stripe card into a financial IC card. The reasons include safety, cost and fear of trouble. Some citizens who have some understanding of financial IC cards say that the real attraction of IC cards is to realize “one cardâ€. When banks launch cards that have multiple functions, they will take the initiative.
2.5 IC credit card does not work?
"High cost is not a problem. Can high cost bring corresponding returns?" The person in charge of a credit card center of a bank asked the reporter if he asked the IC card. The source said that from the current promotion model of IC cards, at least the profit model and card issuance strategy of IC card issued by credit card business are not yet clear, so it is still necessary to further study the strategy of issuing IC credit cards, and prudently pilot in a small scope.
“The profit model of credit cards and debit cards is different. The main purpose of debit cards is to retain deposits, but the business goal of credit cards is mainly to make money by large amounts of consumption,†said the responsible person of the credit card center of a medium-sized bank. According to its internal calculation, a single customer consumes 20,000-30,000 yuan per year to ensure profit, while IC cards currently use more flash payment and other services, most of which are for tens of dollars, and the maximum amount of single consumption cannot More than 1,000 yuan, "If it is such a small amount of consumption, we can't afford this kind of small and medium-sized banks." It is worth mentioning that the magnetic stripe chip card has been deleted from the preparation and revision of the PBOC3.0 standard that the central bank has just completed. This means that financial IC cards with both chips and magnetic strips will gradually disappear, and single-core cards will become mainstream. In response, the person in charge of the above credit card center said that the above new standards may disrupt the bank's established credit card business strategy.
According to the person, the chip card is suitable for promotion in countries or regions with high fraud rates and high telecommunication costs. For example, in Europe, the use of chip cards in Europe is very popular, but since the European model is not compatible with the Chinese model, Europe is currently The POS terminal is still unable to accept the PBOC2.0 financial IC card.
In the US market, most of them are still the acceptance environment of magnetic stripe cards. This means that if you want to meet the needs of outbound business travelers, you must issue two single-currency cards - one UnionPay RMB chip card, and then send a VISA dollar magnetic strip card to the customer. “Can banks still issue dual-currency cards? How to issue dual-currency cards? These problems have not been solved,†said the person in charge.
2.6 New features need to be improved
One of the biggest functions of financial IC cards is to add "flash payment", the card as their own electronic coin purse, users can carry out the circle and circle operations on the counter and ATM machine. However, at present, this operation can only be carried out on the outlets and self-service terminals of the issuing bank, and there is a slight defect in convenience. At the same time, the use environment of "flash payment" needs to be improved. However, these problems have been made by banks and related departments. With the rapid growth of financial IC card issuance and the rapid expansion of business, the operation and storage operations may be implemented across the bank and on the UnionPay POS terminal.
3. How to break through the “bottleneck†of financial IC card issuance
The cross-industry application of financial IC cards is an important development direction. In the process of bank card migration from magnetic stripe card to IC card, bank card has the conditions to enter the payment application field of some industries. However, due to the different demands of various industries and complex interests, it is often difficult to enter the initial stage of bank card. Therefore, in the process of industry cooperation, commercial banks must not only seek the guidance and support of the People's Bank, but also respect the laws of the market, explore the establishment of mature business models according to the characteristics of the industry, and balance the interests of all parties in order to achieve success.
Under the guidance of the People's Bank of China, using existing mature business models and cooperation platforms, adopting an open and innovative business, technology, and risk management model, and promoting IC card projects through financing and participation in market-oriented operational means that are beneficial to the balance of interests of all parties. It will be an important direction for the future application of the financial IC card industry.
It is reported that the experience of Hunan's financial IC card promotion is that the Hunan Provincial Financial IC Card Leading Group has reached a consensus with the card issuing banks: “cost sharing, resource sharing, market opening, benefit sharingâ€, fully respecting the existing interests of all parties involved. Promote the promotion and application of financial IC cards in the province with open, inclusive, orderly competition and cooperation and win-win mode.
CCB Hunan Branch and the bus industry have reached the following cooperation agreements: financial IC cards, bus cards issued at the same time, freely selected by people; do not change the flow of people's advance funds; expand the card, recharge outlets, and make it as convenient as possible for people . This mode of cooperation will not only benefit the people but also benefit and win-win, and both sides will be satisfied. It is reported that the bank is currently in close cooperation with the highway tolls and other industries. Lu Wei, assistant general manager of China UnionPay Hunan Branch, said that “market swap, benefit sharing†and promoting the application of financial IC cards across industries are likely to be the key to the “breakthrough progress†of financial IC cards. The expansion of the financial IC card issuance program is still brewing. According to reports, the financial sector has signed an agreement with Changsha Metro. After the opening of the subway, citizens can use the subway to brush financial IC cards. In Zhangjiajie, Changde, Zhangzhou and other cities, bus finance IC cards are also coming soon.
In addition, on October 26, the Hunan Provincial Department of Human Resources and Social Security stated that it will replace 40 million new social security cards in the province in three years. The new social security card is a financial IC card that loads financial functions. The Ningbo model provides a good example for promoting the application of financial IC cards in many industries.
In 2006, Ningbo Financial IC Card began to issue cards. As of May 31, 2011, 8 banks had issued 1.23 million financial IC cards. Ningbo Financial IC Card successfully realized the application in many public service industries such as urban management, medical and health care, cultural education, public transportation and public utilities, and opened up new channels for the financial industry to serve the people's livelihood.
Ningbo promotes financial IC cards. There are two experiences worthy of promotion: First, leverage the profit distribution levers to fully mobilize the enthusiasm of all parties. The city has established a six-party sharing mechanism based on the principle of “profit-seekers pay, server feesâ€, card-issuing banks, citizen card operators, UnionPay Ningbo Branch, Ningbo Bank of China, acquiring banks, and Ningbo City. The main body such as the fund clearing center negotiates the distribution of income according to the principle of marketization through equal communication and negotiation.
The second is to use the public resources to jointly expand the field of application of the industry. In order to encourage commercial banks to actively develop their own advantages and expand the application of the industry, while avoiding the formation of new barriers to entry and waste of resources, the People’s Bank of China’s Ningbo City Center Branch has organized various commercial banks (including unissued banks) under the jurisdiction of Ningbo to sign the Convention and promise to follow The principle of “who invests in benefit, cost sharing, and benefit sharing†shares the benefits of expanding the application of Ningbo financial IC card in the public domain.
4. Relevant trends in the next development of financial IC cards
Still at the high-level forum of financial IC cards, Li Xiaofeng revealed that the People's Bank of China has completed the preparation and revision of the financial IC card PBOC3.0 standard. The new standard has removed the magnetic stripe chip card that was originally downgraded and migrated. "The revision is mainly reflected in China. Adhere to the route of full migration. That is to say, if you don't issue a magnetic strip chip card, you will need to issue a single chip card."
Compared with PBOC2.0, PBOC3.0 adds a lot of industry application functions summarized in the previous pilot process, and will also help the development of bank mobile payment. The so-called magnetic strip chip composite card refers to two kinds of mediums, a chip and a magnetic strip, on the same card. At the beginning of the promotion of financial IC cards, banks often issued magnetic strip chip composite cards. This is mainly due to restrictions on the progress of financial IC card acceptance environment and ATM magnetic stripe pre-judgment. There are many types of bank card acceptance terminals in the market, such as POS, ATM, non-cash payment terminals, and telephone payment terminals. The transformation work needs to be completed step by step. In addition, in order to prevent the ATM card from being damaged by foreign objects such as non-bank cards, the ATM is required to perform magnetic strip pre-judgment when accepting the bank card.
Most of the chip cards that have been issued are magnetic strip chip composite cards. In the case of work behavior, ICBC issued the first single-chip bank card in China on July 9. In the more than 35 million financial IC cards it has issued, the single-chip card only accounts for about 1 million. With the continuous optimization and popularization of the Internet, telecommunications networks and smart terminals, as well as the continuous deepening of financial IC card pilots, more and more users are beginning to implement bank card payment-related services based on the Internet and mobile communication technologies, and corresponding payment innovation methods. It has become one of the focuses of China's Internet, mobile Internet and 3G value-added services. Through the combination of NFC technology, mobile network and financial IC card, the mobile phone can be turned into a bank card or payment terminal, and the near-field and remote consumption payment can be easily realized. The Internet terminal supporting the chip card may change the existing USB network. Shield's payment mode enables direct use of IC cards for consumption on the Internet; in addition, applications such as dynamic passwords and digital certificates can be superimposed on financial IC cards, and Internet and mobile payment convergence is becoming a trend.
In Li Xiaofeng's view, the banking industry was a step behind the Internet. It was characterized by “there is online banking and no online payment.†Now with the popularity of smart phones, the mobile Internet is developing rapidly, and banks must learn lessons and avoid “having Mobile banking, there is no embarrassing situation of mobile payment. "The Internet has turned cards into no cards, and on the mobile Internet, we can turn no cards into cards." In the view of Xu Lude, president of China UnionPay, the development of mobile Internet is an opportunity for bank layout. According to industry insiders, this is mainly to “implant†the bank card chip into the mobile phone, which not only solves the security problem, but also makes it easier for the user to “swipe the mobile phone†directly.
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