By continuing to step up efforts to promote chip cards from the year to date, ICBC has seen a rapid expansion of issuing size and substantial growth of consumption, effectively driving the penetration and utilisation of chip cards. Statistics show that consumption by holders of ICBC chip cards amounted to RMB 750.3 billion in the first six months of 2013, up by RMB 421.9 billion or 128 percent from a year earlier. As of the end of June, the number of ICBC chip cards in circulation has approached 65 million, increasing 30.13 million or 87 percent compared with the beginning of the year. ICBC enjoys unparalleled leadership in China in terms of both issuing volume and consumption.

In order to provide better service to an increasing base of chip card users, ICBC is actively integrating modern technology with financial services, said an ICBC executive. By leveraging the reliability, convenience and scalability of chip cards, ICBC has gradually put in place a complete product line of chip cards, full coverage of acceptance and a wide range of industry applications, providing maximum convenience to card holders.

In terms of chip card product development, ICBC has in place multiple financial IC cards through years of innovation, including debit cards, credit cards and pre-paid cards, with brands covering China UnionPay, VISA, MasterCard and JCB. Token-wise, ICBC’s financial IC cards can be classified into contact cards and contactless cards and dual-interface cards. In terms of shape, they are categorized into standard-shaped cards and special-shaped cards. Regarding functions, they can be used for credit payment, e-cash, e-purse, offline payment or fast payment. ICBC also works closely with large industry partners to promote the multi-functional, cross-sector application of chip cards as an effort to provide an easy lifestyle and help address social and civil difficulties. ICBC chip cards are now widely used in various fields covering transportation, airlines, energy, healthcare, commerce, tourism, telecommunication, schools, companies, social security, and Urban All-in-One Card, significantly facilitating people’s everyday life. The financial IC card issued with Guangzhou-Shenzhen Railway, for example, enables cardholders to swipe onto the train instead of lining up for tickets. ICBC has rolled out Medical Card with multiple hospitals in China to offer integrated services including medical appointment, payment, medical treatment, recharge and refund. The Medical Card has played a positive role in mitigating the enduring inadequacy of medical services. The multi-function advantage of chip cards is highlighted in the Peony Love Shopping Card issued by ICBC in Shenzhen, which combines various functions ranging from retail merchant membership, railway application to mobile payment, transport payment and livelihood application.

ICBC has also launched multiple chip card products supporting offline payment to meet the rising demand for easy payments in China. ICBC chip cards can be used at merchants (department stores, supermarkets, restaurants, cinemas, entertainment venues, highways) that accept contactless payment, allowing for signature-free card-swiping consumption. For example, ICBC Cool Pass Card is a uniquely-shaped chip card that supports small fast payment when cardholders may complete transactions by putting Cool Pass Card onto the sensor without entering PIN or signing bills. Cool Pass Card has now become an emerging solution to small payment.

According to an ICBC executive, as one of the first commercial banks to start chip card development in China, ICBC will continue to improve customer service and provide easier-to-use, safer and more available chip card products by leveraging the leadership in R&D, industry partnership, product innovation and customer base.