Thoughts on China's Financial IC Card Strategy

Recently, several things have attracted attention: internationally, on September 15, the United States sued the World Trade Organization for failing to open the bank card settlement market as promised, indicating that the competition for the bank card settlement market has risen to the government level. In China, urban informatization vigorously promotes citizen card projects and proposes cross-industry and multi-industry applications; social security cards also propose medical treatment and transfer in different places. These indicate that some large industry cards should get rid of the closed, self-developing environment and begin to move toward the development path of bank cards - universal networking. At the same time, China's banking industry is in a period of high profitability. The above situation is an important focus of the PBOC's leading financial IC card promotion policy preparation work.

First, the strategic significance of financial IC cards

The core of "strategy" is "strong body". For example, Laozi said: "The way of heaven is born, it is used in strength and weakness", that is, to make the financial IC card bigger and stronger; the second is "layout", such as The economically developed areas of the Pearl River Delta, the Yangtze River Delta, and the Bohai Bay must first be used first.

First of all, the financial IC card will comprehensively improve China's bank card risk prevention and control capabilities, and maintain financial stability and social stability. The current bank card crimes in China mainly occur in the “acceptance” and “use of cards” links. Some experts have put forward the view that “the crime rate of bank cards in China is relatively low and the promotion of financial IC cards is not worthwhile” is one-sided and wrong. The cost of maintaining stability is not taken into account. Under the current national conditions, the public's tolerance for crime is low. The leaders of the State Council have attached great importance to bank card crimes and other issues, and have repeatedly instructed the People's Bank of China to strengthen control and prevention of bank card crimes. Second, the financial IC card can expand the application of bank cards in the field of public services, as a medium for the government to serve the society, to achieve a multi-purpose card, convenient for the people. Third, financial IC cards can improve the independent innovation capability of bank card products, promote the development of commercial banks and related bank card industries, and strive for more voices in China's bank card market. Once the Chinese bank card market realizes financial IC cardization, the implementation of the standard of independent property rights means that we control the initiative of the development of the Chinese bank card market. Fourth, financial IC cards can enrich the bank card product line, promote the development of consumer finance, and achieve the expansion of domestic demand to promote growth. Fifth, financial IC cards can effectively promote the combination of urban informatization and financial informatization, enhance the informationization and intelligence of various transaction and management data, provide data support for important national decision-making, and multi-industry applications required by current citizen card projects. It is a good entry point for financial IC cards.

2. Strategic considerations for the implementation of financial IC cards by the People's Bank of China

The People's Bank of China once led the nationwide networking work of bank cards, which promoted the rapid development of bank cards, making it the most important non-cash payment tool in the current society. At the same time as the development of bank cards, the People's Bank of China has been paying attention to the problems of the rapid development of bank magnetic stripe cards and the shortage of bank magnetic stripe cards to meet the growing social needs. It is a must to understand the development of financial IC cards. The way to go. To promote the work of financial IC cards, we must fully adopt the successful experience of bank card networking, and organize the participants to form a joint force to avoid “single fight” and reduce the chance of “free rider”. The People's Bank of China analyzed the situation of various commercial banks, and it can be divided into four steps in the development of financial IC cards: First, the overall planners have a clear plan for the development of financial IC cards. Second, the project is driven by the project, and hopes to promote the development of the Bank's financial IC card through key areas and key urban projects. Third, the followers are conducting research and preparation for the pre-financial IC card, expecting to enter through an important opportunity. Fourth, the waiters have not yet carried out related work. The People's Bank of China has mastered these situations and will promote the common development of financial IC cards through certain policy control measures.

As the competent department of national financial services and financial stability, the People's Bank of China must complete its duties on electronic payment and bank card management, and promote the whole work from a strategic height, and draw commercial banks to occupy market share by specialized payment providers in the field of online payment services. Lessons from management vacancies. At the same time, it should be prepared for the future, focusing on the formulation of the future mobile payment strategy, the smooth promotion of financial IC cards, will be conducive to the standardization of mobile payment, near-field payment and remote payment business specifications, risk management in place. At present, in the field of mobile payment, the historical development reproduces the fact that commercial banks have no online payment for online banking – there are mobile banking without mobile payment. Of course, some commercial banks and China UnionPay are actively promoting and making up for the shortcomings, but the overall strategy of mobile payment in the banking industry has not yet been clarified.

Third, the development timing of financial IC card

On the one hand, financial IC cards are an objective requirement for the development of bank cards and electronic payments. The total number of bank cards in China has reached 2.2 billion. Although the base of fraudulent card fraud is very low, the growth rate is staggering. Since 2007, the loss of domestic credit card fraud has continued to rise, with an average annual increase of 60%. The leaders of the State Council attached great importance to this issue and explicitly requested the People's Bank of China to curb the bank card crime momentum from both technical and business aspects. Secondly, the industry card has low penetration rate and narrow application range, but it has developed rapidly and put forward the demand for entering the circulation market. In fact, some industry cards have been used in the industry. The People's Bank of China issued the "Administrative Measures for Payment of Non-financial Institutions" to regulate the entry of industrial cards into the circulation field. The implementation rules of the measures have been solicited opinions from the central bank on the Internet site. Soon, the relevant technical testing and certification management measures should also seek opinions. At the same time, social security, public transport, medical and other industry cards will grow and develop, and they will also be required to embark on the road of GM. Whether it is to build on their own or cooperate with the financial industry is a strategic problem facing the development of industry cards. In this respect, the banking industry has irreplaceable advantages: First, the banking industry has a large, ready-made network and universal network, and the cost of transformation can be used as resources for multi-industry applications. Second, the People's Bank of China conducted a pilot project for the “one card multi-industry application” citizen card in Ningbo, and accumulated experience and available experience. The pilot experience of Ningbo mainly includes: First, the business can adopt the multi-party distribution model, and the payment is based on the financial account. The technology is based on the “China Financial Integrated Circuit (IC) Card Specification” (hereinafter referred to as PBOC2.0). The whole society shares terminal resources and network resources, and the security of cardholder funds is guaranteed. Second, electronic cash under the asymmetric key system can be promoted nationwide. Third, most of the industry cards now refer to the PBOC1.0 standard of the People's Bank of China. They use the e-wallet application and face the cross-regional and multi-industry application requirements in China's vast market. They are backward in technology and must gradually withdraw from the market. The application will replace it. Fourth, under the leadership of the government, the people's banks in various localities have fully played a coordinating role, and combined with urban informatization, can fully realize the application of one card and multiple industries.

On the other hand, financial IC cards already have the conditions for scale promotion. First, PBOC2.0 has been released. Second, the construction of financial IC card infrastructure such as transfer clearing system, testing system and key system has been completed. Third, the PBOC1.0 joint pilot, the PBOC2.0 pilot, and the Ningbo citizen card pilot verified the technology and business realization of the financial IC card, and accumulated talents and experience. Fourth, the EMV transformation of the terminal that accepts the wild card has been basically completed, and the transformation of the POS acceptance terminal has developed rapidly. Fifth, the national commercial bank issuing systems such as ICBC and Bank of Communications have all been ready to implement national card issuance. Sixth, it is estimated that the initial investment of about 50 billion yuan will start the large-scale promotion of comprehensive financial IC card work, and will invest about 20 billion yuan each year to promote this work. At present, commercial banking is in a period of high profit development, which is conducive to digesting costs and striving for leapfrog development opportunities.

Based on the above situation, it can be concluded that by expanding the pilot of financial IC card cities, the scale development of financial IC cards can be realized.

Fourth, financial IC card multi-industry application

We advocate that the implementation of financial IC cards requires "a national chess game". The People's Bank of China is responsible for the overall deployment. The acceptance and construction and card issuance requirements must be preceded. Multi-industry applications must have a hierarchy and division of labor. It must be carried out in conjunction with citizen card engineering and departmental cooperation. . Specifically, large-scale industry applications are coordinated by the head office of the People's Bank of China and the ministries, coordinated and unified planning. The most typical case is social security application; small industry applications are coordinated by local people's banks and local governments, and citizens are passed through the city informatization process. Card engineering to solve. Secondly, in the whole process of promotion, the key points are combined. Under the premise of consistent policies, the development strategy is determined according to the characteristics of the four echelon participants of commercial banks, and commercial banks are encouraged to participate in the citizen card projects in various regions. At the same time, the People's Bank of China The scope of the pilot will be gradually expanded according to the situation. Finally, to promote the work of financial IC cards, we must adhere to market leadership and policy promotion, and relevant policies, business norms and technical standards should remain viable.

V. Issues to be paid attention to when implementing financial IC card work

First, we must regard the financial IC card as an overall social system project, and we must promote the preparation of all parties in the industry and promote the overall migration of all parties involved.

Second, the branches of the People's Bank of China should actively cooperate with the local government, do a good job in the construction and promotion of citizen cards, actively study the interests of all parties involved, achieve cooperation and win-win, adhere to the payment standard using PBOC2.0, and adhere to the account application financial account. The head office of the People's Bank of China shall, in cooperation with relevant departments of the State Council, formulate plans for the application of financial IC cards in important industries. Taking social security applications as an example, the People's Bank of China and the Ministry of Human Resources and Social Security have reached a consensus, clearly defined the working ideas, and established a leading group of the leaders of the Ministry of Human Resources and Social Security and the leader of the People's Bank of China, and set up a working organization to carry out specific work. The goal is On one chip, implement financial and social security applications and promote the integration of social security and finance. Achieving this goal means that all banking terminals and acceptance networks are open to social security public service applications, and the effect is very obvious. The work is carried out in three stages. The first is to digest the stock. The sixty-seven million social security cards that have been issued are historical issues, and are gradually replaced as the cards expire. The second is the transition period. Financial applications use recessive magnetic stripe media, but the transition period should be as short as possible. The third is the IC card period. Social security and finance use the same chip, each application is responsible for each, the payment standard uses PBOC2.0, and the account should be a financial account.

Third, in accordance with the "People's Bank Non-financial Organizations Payment Management Measures", the payment and settlement services such as prepaid cards, Internet payments, and bank card receipts are included in the supervision of the People's Bank of China. The payment services carried out by all non-financial institutions must meet the regulatory requirements in terms of technical standards and safety requirements, and must bear the obligation of anti-money laundering. At the same time, the licensed organization adopts the PBOC2.0 standard when issuing prepaid chip cards, which is the premise of accessing the bank card network and using the bank card terminal. Specific to the city citizen card project, the card issuer must be a commercial bank, or a licensed non-financial payment institution, and the clearing service must also be licensed.

The fourth is to clarify that mobile payment is the integration and extension of financial IC card application and Internet payment. It is necessary to use financial account as the payment basis, especially the near-field payment should follow the PBOC2.0 standard.

Based on the above analysis, the strategic objectives of the People's Bank of China to promote financial IC cards are as follows: First, the promotion of PBOC2.0, the standard of independent property rights, can become the national standard for electronic payment. Second, cross-industry multi-applications should be based on financial accounts to ensure the security of funds. The third is to standardize the clearing and settlement business and ensure that the risks are controllable. Fourth, the bank's huge acceptance network and acceptance terminals can be opened and utilized by the whole society. The fifth is to gradually clarify the mobile payment strategy of the banking industry.

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