ICBC Taking Lead to Launch Bank Card EMV Receipt Transfer in China

Recently, ICBC bank card EMV receipt transfer project is formally launched. ICBC POS terminal card equipment has had EMV chip card accepting function so as to be the first bank to realize EMV receipt transfer in China. It proves the leading position of ICBC in bankcard product area and marks formal initiation of domestic bank card EMB transfer project.

EMV is the uniform technology standard for bank chip card debit/credit application jointly established by three credit card international organizations of Europay, MasterCard and VISA. The Chip card has independent functions of operation, encryption, and decipherment, etc. Its safety is much higher than magnetic cards to effectively prevent transaction with false cards and safeguard funds safety of the cardholder.

EMV transfer project includes EMV receipt and EMV card issuing and is a significant revolution of bank card media from magnetic strip card to chip card. It is also the development trend and direction of bank card business. To reduce the risk of bankcard industry, VISA and MasterCard international organizations actively promote EMV transfer program and require member banks to issue bank card loaded with EMV standard chip as soon as possible.

At the same time, the POS terminals of receipt units must have function to process EMV chip card.

In 2004, international EMV transfer starts to attract domestic attentions and is being studied in China. Depending on its great technological force and strong product innovation ability, ICBC is the first domestic bank to launch bank card EMV receipt transfer in China. Next, ICBC will issue EMV chip card by the end of the year.