PBC Issues Unified Mark for Bank Cards

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Last updated at: (Beijing Time) Monday, January 14, 2002

PBC Issues Unified Mark for Bank Cards

The People's Bank of China (PBC) will put out an unified identification mark for cards issued by different commercial banks to make them all applicable on ATMs and POSs labeled with the mark.

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The People's Bank of China (PBC) will put out an unified identification mark for cards issued by different commercial banks, as is known from a press conference by PBC January 13.

The mark is designed to make different bank cards all applicable on ATMs and POSs labeled with the identification mark, so as to provide convenient, prompt and safe financial service to consumers.

As reported, cards with the identification mark have been put into use in Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou by a batch of commercial banks since January 10, and a network linking the five cities is being built.

Backgrounder

Bank card with the identification mark, designed under unified technical standard, is issued by domestic financial institutions after being approved by PBC and can be used nationwide. Its relations with other bank cards currently used are as following:

For cards issued before December 31, 2003, the holder could use it according to rules of the original card-issuing bank, or change it into a card with the identification mark. After January 1, 2004, the exclusively marked card will become the solely used bank card nationwide, and other card can only be used within a certain region.

However, the card with identification mark is still at a primary state and card-holders have no hurry to change their cards into the exclusively marked ones.

By PD Online Staff Li Heng

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