1. Yes, by loading a bank magnetic stripe or a chip that meets the PBOC2.0 standard on the social security card, the social security card will have all the functions of an ordinary bank card, including the five social security benefits of the insured person. The payment and issuance of insurance funds can be realized through the financial function of the social security card.

At the same time, insured persons can handle various banking services such as bank deposits and withdrawals, transfers, payment of water, electricity and gas bills, investment in financial products, buying and selling foreign exchange, gold, funds, bonds, third-party custody, etc., and It can be used at UnionPay ATMs, online banking, mobile banking and other electronic channels and bank counters across the country.

2. The social security card mainly has six functions: electronic voucher function, information recording function, self-service inquiry function, medical settlement function, payment and benefit collection function, and financial payment function.

Extended information

The social security card is also a bank card. It is the first bank card for many rural residents and migrant workers in cities. By the end of last year, 29 provinces across the country and the Xinjiang Production and Construction Corps had issued social security cards with financial functions, and the number of cardholders reached 842 million, accounting for 86.7% of the total number of social security cards issued nationwide.

Among them, the social security cards of 15 provinces including Hebei, Shanxi, Inner Mongolia, Jiangxi, Shandong, Henan, Hunan, Hainan, Chongqing, Guizhou, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang are all loaded with financial functions.

Many people have already experienced this convenience. By the end of last year, 489 million social security cards had activated bank accounts across the country, and the bank account activation rate reached 58.1%. Among them, the bank account activation rate in Fujian reached 100%. To determine whether your social security card has financial functions, just look at whether the social security card in your hand has the "UnionPay" logo. If there is, it means that the card has financial functions.

Many places issue various financial subsidies through social security cards. For example, in Zhongwei, Ningxia, 22 subsidies come from the government, including subsistence allowances, elderly care, grassland ecology, animal diseases, orphan subsidies, low-rent housing, improved seed subsidies, farm house renovation, disability pensions, sand suppression subsidies, agricultural machinery subsidies, and medical assistance. Subsidy funds are uniformly distributed through social security cards.

In Panzhihua, Sichuan, government subsidy funds and agriculture-related funds such as civil affairs, housing construction, agriculture, animal husbandry, forestry, poverty alleviation, Disabled Persons' Federation, and housing provident fund are distributed through social security cards. Guangdong has piloted the issuance of 12 subsidies for civil affairs and the Disabled Persons' Federation through social security cards throughout the province.

Social security cards are also connected with water, electricity, heating and other public utilities in some places to facilitate the masses. For example, in places such as Huanggang and Xiantao in Hubei and Dalian in Liaoning, residents can use the card to pay water, electricity, gas, etc.

Reference source: Baidu Encyclopedia-Social Security Co-branded Card