What is a financial card?

Financial card is a convenient way for consumers to withdraw money from their bank accounts through ATMs, eliminating the need for them to withdraw money from their bank counters at their original branches.

Because a financial card withdraws money from a consumer's account, there is no borrowing relationship with the bank, so it is not subject to the same eligibility requirements as a credit card.

Financial IC card is a chip-mediated card issued by a bank or payment institution, featuring large data storage capacity, high security and contactless applications, and is an intelligent product based on traditional financial payments and can be seamlessly extended to micro-payments in other industries.

Financial ic card is our commonly used chip card, this kind of card can set social security, transportation, medical, education, communication, shopping, entertainment, water, electricity and coal bill payment and other industry applications in one, to achieve the "card multi-purpose", according to the method of use of financial ic card can be divided into contact and non-contact two.

1, contact financial IC card, can be inserted into the POS machine and ATM machine use;

2, contactless financial IC card, can be affixed with the "QuickPass" logo on the terminal quickly swipe the card payment.

The advantages of financial IC card compared with traditional magnetic stripe card:

1. Higher security. The high security of the financial IC card greatly reduces the risk of counterfeit cards, not only improves the security of online transactions, but also enables the card to realize secure offline transactions, effectively protecting the bank and the cardholder's capital security.

2. Faster payment. Financial IC card can provide offline transactions, contactless transactions, payment efficiency is greatly improved.

3, wide range of applications. Financial IC card to expand the payment field of the bank card, so that the bank card can meet the public utilities, transportation and many other industries, payment and service needs, to achieve the "card multi-purpose".

China's financial IC card promotion plan clearly, since January 1, 2015, all newly issued bank cards should be financial IC card.

Currently, the major banks launched a variety of financial IC card products, can be categorized in accordance with three situations:

1, according to the function: debit card, credit card, quasi-credit card, e-cash, etc.;

2, according to the information storage medium: chip-only financial IC card, both the chip and the magnetic stripe of the dual-media card (composite card);

3、According to industry applications: citizen card, social security card, public transportation card, university city card, etc..

Bank card refers to the approved by the commercial banks (including postal financial institutions) issued to the community with consumer credit, transfer and settlement, access to cash and other functions in whole or in part of the credit payment tools. Bank card reduces the circulation of cash and checks, and makes the banking business break through the limitation of time and space, and has undergone fundamental changes. The use of automatic bank card settlement system, make this "no checks, cashless society" dream become a reality.

Since August 1, 2017, the annual bank card management fee has been abolished, and some of the basic financial service charges of commercial banks have been suspended.On April 22, 2019, China UnionPay released the "Report on the Development of China's Bank Card Industry (2019)".On August 15, 2020, Baidu and Baxin Bank jointly launched the first digital bank card in China - Baidu Flash Payment Card.On August 31, China UnionPay released the "Baidu Flash Payment Card".On August 22, 2019, China UnionPay released the "Report on the Development of China's Bank Card Industry (2019)". On August 31st, China UnionPay released its first digital bank card "UnionPay Boundless Card".