In the past, when the chip card and the magnetic stripe card were replaced alternately, the bank equipment needed to be updated, and the transaction could be completed with the magnetic stripe behind the chip card. Now the magnetic stripe card has been cancelled.

There is a small square chip on the front of the bank card and a black magnetic stripe on the back. This kind of bank card is called a composite card. You can pay by inserting the card to read the chip or brushing the magnetic stripe, but now the magnetic stripe card is closed and you can only use the chip card.

Supplement: Brief introduction of bank IC chip card

Bank IC card, IC card is a bank card with chip as the medium. Compared with magnetic stripe card, chip card has higher security, and sensitive data in the card is difficult to be copied. Moreover, the chip card not only has all the financial functions of the ordinary magnetic stripe bank card, but also has an electronic cash account, which supports off-line micro-payment, and can realize fast payment and smart card mobile payment with contactless interface.