As of the first quarter of 2013, China has issued a total of 192 million financial IC cards, including a net increase of 66 million in Q1. The annual growth is expected to be 200 million. According to the requirements of the People’s Bank of China and China UnionPay, in 2013 financial IC cards among new bank cards shall achieve a penetration rate of about 30%.
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The development of financial IC card in China is primarily policy-driven. On March 15, 2011, the People's Bank of China issued the PBOC's Opinions on Promoting the Application of Financial IC Cards, which stimulated the transformation of national bank equipment to support financial IC cards, and required the ATMs of national commercial banks to accept financial IC cards by the end of 2012, and all networking GPTs that accept bank cards to accept financial IC cards by the end of 2013.
Seen from the promotion of financial IC cards, the People’s Bank of China required ICBC (Industrial and Commercial Bank of China), ABC (Agricultural Bank of China), BOC (Bank of China), CCB (China Construction Bank), BOCOM (Bank of Communications), CMBC (China Merchants Bank) and POSB (Post Office Savings Bank) to issue financial IC cards before the end of June 2011; national commercial banks must also issue financial IC cards since January 1, 2013. By 2015, basically all banks should have issued financial IC cards, and mostly can only issue financial IC cards.
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1. Development overview of China’s financial IC card industry... [continues]
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