The magnetic stripe card can continue to be used; Closing the magnetic stripe transaction of the chip magnetic stripe composite card does not affect the cardholder to initiate the transaction through the chip of the chip magnetic stripe composite card on the payment acceptance terminal that meets the standard and has the chip acceptance ability.
Relevant departments of the People's Bank of China said that magnetic stripe cards can still be used. At present, there are a large number of magnetic stripe cards in stock in China, and there will be about 3.3 billion by the end of 20 16. From the practical experience of foreign countries, the upgrading of existing magnetic stripe cards is affected by the card issuing base, cardholder's will, card issuing cost, card activity and other factors, which cannot be achieved overnight and requires a long-term upgrading process.
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Although the magnetic stripe card can still be used, it is not as safe as the chip card.
Relevant departments of the People's Bank of China said that financial IC cards are safer than magnetic stripe cards from a security perspective. Magnetic stripe card has the disadvantages of small information storage, easy to be read and forged. Criminals can illegally record the magnetic stripe information of magnetic stripe cards by installing a side recording device at the acceptance terminal, and then make fake cards and steal brushes, which poses a threat to the property safety of the people.
Different from the magnetic stripe card, the financial ic card takes the chip as the medium, has a large amount of information storage, can store keys, digital certificates, etc., and has more reliable security. Financial IC card has security mechanisms such as communication security, data access control, information encryption and storage, and anti-attack protection. Under the existing technical conditions, the difficulty and cost of cracking financial IC cards are quite high.
He Xun. The com- chip magnetic stripe composite card will be closed from May 1, and the alternating magnetic stripe card can still be used.