ICBC today issued the first chip card bank cards for the core pull Prelude

Chinese first chip card will be born today, and a bank card for "core" movement will also be kicked off.

ICBC and MasterCard International today will release a new concept of peony MasterCard credit card, the card will be the first in line with the EMV standard credit card.

EMV is currently the most widely adopted countries or regions of the chip card standard, is Europay, Mastercard and Visa three payment card organization jointly developed in 1994. Since then, the transition from the magnetic stripe card to the chip card has become the development trend of the bank card industry.

Starting in January 1st next year, EMV risk responsibility transfer policy will be officially launched, the risk of loss of counterfeit cards will be accepted by the parties and the issuer does not use the EMV standard side bear. For example, ICBC cardholders in the absence of a chip card to the foreign countries can only brush magnetic stripe card, if the occurrence of fraud, the bank will bear the loss. If the foreign visitors to the chip card in China consumption, and Chinese POS machine can only receive magnetic card, magnetic stripe card consumers to brush chip, once the fraud loss is borne by the bank to provide POS single machine.

ICBC in the risk liability transfer before the start of the issue of chip cards, it is in order to prevent fraud risk. Now many markets in the Asia Pacific region has popularized the EMV standard, and achieved good results. Zhang Kaichun, executive vice president and general manager of Greater China, Visa Asia Pacific region, for example, said: in the Malaysia issue of chip cards in the chip terminal transactions, accounting for 85% of all transactions. In Taiwan, the banking sector has also been actively replaced by the EMV standard chip card and POS terminals, fraud rate decreased by 87% straight."

As for the cost of the chip card, will be informed at today's conference.

Chinese industry has been taking positive measures to promote China's EMV migration in order to comply with this international trend.

Recently, news came from the Visa international organization, ICBC and the Agricultural Bank of China new EMV POS terminal has passed the test, and successfully completed the first EMV transactions become China mainland first can accept EMV standard chip card acquiring banks. In addition, Visa international organizations also help Beijing bank card upgrade testing center is the first domestic international standard EMV laboratory, and assist other bank EMV migration, the next stage is expected in the China market will also have more EMV terminal is activated.