This is due to the high cost of IC cards and the delay in the replacement of credit card chips (EMV migration) in China. However, according to the deployment of the central bank, commercial banks will no longer issue pure magnetic stripe cards, but will replace them with financial ic cards with both magnetic stripe and chip.

Financial IC card, also known as chip bank card, is a bank card with chip as the medium. The chip card has a large capacity and can store information such as keys, digital certificates and fingerprints. Its working principle is similar to that of a microcomputer, which can handle multiple functions at the same time, providing cardholders with the convenience of using one card for multiple purposes.

Financial IC cards are financial instruments issued by commercial banks (credit cooperatives) or payment institutions, which adopt integrated circuit technology, follow the national financial industry standards, have all or part of financial functions such as consumer credit, transfer settlement, cash deposit and withdrawal, and can have other commercial services and social management functions.

What is the difference between magnetic stripe, magnetic stripe ic and contactless magnetic stripe ic?

1, the data storage media are different: the magnetic stripe card stores information through the change of the magnetic field of the magnetic stripe on the card, and the magnetic stripe ic and the magnetic stripe ic contactless card store data information through the integrated circuit chip embedded in the card.

2. The transaction method is different: when the magnetic stripe card withdraws money or consumes money, it reads the magnetic stripe information by swiping the card; Magnetic stripe ic can read chip information through card insertion for transaction; The contactless payment of magnetic stripe ic can be completed by "flash payment".

3. Different security: Magnetic stripe cards are relatively easy to be stolen. Once the magnetic stripe information is stolen, it can happen that the card is not left, but the funds are stolen. Magnetic stripe ic and magnetic stripe IC contactless card are extremely difficult to be stolen by criminals because of their special technical encryption protection.