At the request of the industry authorities, China Merchants Bank will start the replacement of chip cards in the second half of this year. However, judging from the documents received so far, the industry authorities have not given a clear replacement schedule and final time limit. Therefore, China Merchants Bank will first launch a pilot card type, that is, Universiade card with chip, and then update the high-end parts (such as UnionPay version in golden sunflower card and Diamond Card) according to the situation, from top to bottom. It is said that it will take three years to update the chip card of debit card alone.

These are only part of UnionPay debit cards, and credit cards are more complicated. Because credit cards are also divided into dual-currency cards and single-currency cards, it would be easy if they were only UnionPay single-currency cards. As long as UnionPay "pushes" chip cards to help merchants replace POS support chip cards in large quantities, China Merchants Bank Credit Card Center will soon follow up and replace them with chip cards when the single-currency cards expire. This process also takes about three years, and the card will be replaced when the three-year validity period of the card expires, instead of initiating card replacement for all cardholders, so as to avoid the waste caused by card replacement for inactive households.

-But there is no plan to upgrade the dual-currency card, because according to the EMV migration requirements of VISA and MASTERCARD, the dual-currency card should be replaced with a chip card. However, under the special national conditions of China, the chip card standard used in China is not compatible with EMV. Once the dual-currency card is replaced by a chip, there may be contradictions between the domestic standard core and the EMV standard core. -One card can never hold two chips, and there is not enough internal space. Therefore, in this case, China Merchants Bank has no plan to give dual-currency credit cards a "core" and no timetable until the results are coordinated by the industry authorities and overseas clearing organizations.