OREANDA-NEWS. April 13, 2012. In recent years, ICBC continually embraces product innovation and service upgrade in chip cards in order to provide safer, faster and more convenient payment services for the public. At the end of 2011, ICBC has issued over 20 million chip cards to 20.05 million. Among them, 11.55 million are chip credit cards, 8.5 million are chip debit cards, accounting for more than 90% market shares. ICBC was the No.1 bank in the domestic league table, with RMB 331.8 billion has been spent by cardholders using ICBC chip cards in 2011. Meanwhile, ICBC spent tenuous efforts to improve the card acceptance solutions. Up till now, all ICBC counters and self-services devices have been upgraded to accept chip cards, reported the press-centre of ICBC.
 
When compared to traditional magnetic-stripe cards, chip cards are safe, convenient and widely used in different sectors. Hence, a chip card is very ideal as a multi-function card embedded with all the functions (pay for social security, public transportation or travel, membership information enquiry and identity authentication). It is believed that more and more people will use chip card for payment in the future. As chip cards rapidly becoming popular, residents will be attracted to the multi-functional use of chip cards. No more hassle to bring many cards around, just use one chip card for many purposes, safe, convenient and save resources.

An ICBC executive said, ICBC is the earliest commercial bank in China to launch chip cards. Since then, ICBC goes for a long time in the driver seat in terms of research development of chip card technology, industry partnership and card-issuing volume. During the last few years, ICBC consistently focuses on product and business innovations, leveraging its independent intellectual property right and first-mover advantage. The Bank offers safe, convenient chip card products and services and actively promotes the use of chip cards in "green" initiative, people's livelihood, public services, payment and spending. So far, ICBC has a full spectrum of chip card products and excellent card services to help drive the social livelihood development and upgrade household consumption.

In serving people's livelihood, ICBC joins force with the industry partners to promote the use of chip cards in transportation management, railways ticketing, highway toll, commercial co-branded, social security/medical insurance or property management. For example, the ICBC co-branded chip card for cardholders to pay highway toll also include the electronic toll collection (ETC) function. In other words, cardholders spend less time at a toll gate, highway management companies do not need to hire toll booth staff or spend money to change/expand the toll gate passage, drivers can also save their fuels as well. ICBC is also the first bank in the country to launch a service for chip card holders to pay small sum of money easily and fast using e-cash in contactless payment, less cost, simple steps. ICBC mobile credit card is an example. ICBC adds financial applications into mobile phone SIM card for mobile phone users to make fast and small payment by e-cash. Customers welcome the new service, which heralds a new way of payment.

Through business innovation, ICBC and other industry partners also jointly offer a host of convenient financial products and value-added services for chip card customers to use their chip cards whenever necessary. For example: besides the financial services and functions offered by ICBC, an ICBC Eastern Airlines Co-branded Card has all the functions of an Eastern Miles membership card and value-added services such as free insurance and double bonus points. The Peony i-Shopping Credit Card launched by Shenzhen Branch can be used to take Guangzhou-Shenzhen train or in Shenzhen (public transport, convenient store, supermarket). Cardholders can also use Peony i-Shopping Chip Card to pay at restaurants to earn bonus points or use the bonus points to pay for shopping at the specified merchants. A Peony i-Shopping Credit Card also carries the membership card function of many large mainstream merchants. Cardholders can enjoy discount, bonus points and other benefits for members.

Looking ahead, ICBC will take advantage of its information technology, product R&D and service network to continue the research and development on chip card products and service upgrade, said an executive with ICBC. The objective is to push ahead the overall development of chip card business while providing top-notch, convenient and safe services for cardholders, better serving the people's livelihood and driving the upgrade of consumer spending.