Downgrade transaction is accompanied by the appearance of chip magnetic stripe composite card, and it takes a process to update the acceptance equipment. Originally, the composite card with safer chip transaction could be used. However, because the acceptance terminal such as POS machine does not support chip card transaction or the chip may be damaged and unreadable, financial transactions are allowed to be completed through magnetic stripe, which is the process of downgrade transaction.
1, a card with both IC chip and magnetic stripe is called a composite card.
2. Chip cards do not use chips, but use magnetic strips to conduct transactions, which is called degraded transactions.
3. Prompt that the transaction cannot be downgraded, indicating that the transaction can only be completed with IC chips and the magnetic stripe cannot be read.
Extended data
The downgrade transaction has been excessive, so in June 16, the central bank issued an emergency document "Notice of the People's Bank of China on Further Strengthening the Risk Management of Bank Cards", which stipulated that the magnetic stripe transaction of chip magnetic stripe composite cards should be completely closed from May 17.
Magnetic stripe cards have been widely used in bank cards. Magnetic stripe cards usually have a magnetic stripe on the back of the card. Usually, when we use a bank card, we use the recording head of the card reader to read the magnetic stripe of the magnetic stripe card, and then re-magnetize the magnetic stripe. The advantages of magnetic stripe card are convenient data reading and writing and low cost; The disadvantage of magnetic card is that it is easy to wear, interfered by other magnetic fields and has poor security.
There are three pieces of information on the face of a credit card that must be protected, namely, card number, expiration date and CVV code. These three pieces of information are related to the security of your credit card, especially the CVV code, which is as important as the password. If someone knows the above three information of your credit card, they can steal your credit card even if they don't have a card.
Baidu encyclopedia-downgrade transaction
Phoenix. Com- changes in the payment industry: the financial IC card downgrade transaction will be completely closed from May 1 day.