Starting from May 1st, swipe transactions on bank cards equipped with both IC chip and magnetic stripe will be closed to ensure security, according to the People’s Bank of China. It’s a good idea to get them updated to new cards.
Starting from May 1st, swipe transactions on bank cards equipped with both IC chip and magnetic stripe will be closed to ensure security, according to the People’s Bank of China. It’s a good idea to get them updated to new cards.
What are chip & magnetic stripe cards?
Generally speaking, there are 3 kinds of bank cards in China:
Chip cards: insert or touch to pay
Magnetic stripe cards: swipe to pay
Both chip & magnetic stripe cards: swipe, insert or touch to pay
Safety comparison among these cards
1. Chip cards: safety ★★★
All the information is stored in the chip thus uncopiable and relatively safe.
2. Magnetic stripe cards: safety ★
After swiping, all information of the card will remain on the POS and ATMs. Which makes them easier to be copied by any potential thieves.
3. Both chip & magnetic stripe cards: safety ★★
They will be much more secure ones the magnetic stripe has been removed or deactivated.
For security concerns, we highly recommend you change your magnetic stripe cards into chip only cards as soon as possible.
Are magnetic stripe cards still usable?
The shutdown is only for the magnetic stripe function on cards with both chip & magnetic stripe, which means from the 1st of May, you will only be able to use the chip function of these cards. While magnetic strip cards will be usable until the change date.
How to change your cards?
It is easy to change your bank cards, just bring your ID card (passport) and the original card, the bank staff will help you. Most banks will not charge any fees while some may charge you 5 yuan.
Q&A
1 Will the card number change?
At your request, a new can be issued with the number of an old card. Please note the bank may have to mail your card to you as they must custom make the new card.
2 What to do if the bank card is linked with my salary?
All transactions related to the card will be unchanged, including salary, water and electricity payment, etc.
3 What to do if the bank card is linked with Alipay and WeChat wallet?
You will need to link the new card to your account.
The shutdown is only for magnetic stripe function on cards with both chip & magnetic stripe.
Check your wallet now and change
the magnetic stripe cards as soon as possible!
Also let your friends know about this news!
Source: HiTouch艾達旗
