IC Cards to be Accepted in More Places Around Shenzhen
Bankcards with integrated circuits that were issued from several banks in Shenzhen will now be used in more venues on more POS terminals transactions. The IC bank cards are now accepted at fast food chains, grocery stores, convenience stores and bookstores. By the end of the month the IC cards will be used in gas stations, tourists attractions, car parks and public hospitals as well.
Eighty percent of the POS terminals located around the city will be reprogrammed to accept the IC cards. Banks in Shenzhen have already started to issue the IC cards with the Industrial and Commercial Bank of China (ICBC) being the first bank to issue IC cards that can be used to take trains from Guangzhou to Shenzhen. Soon cardholders will be able to use the cards in other forms of public transportation and pay mobile phone accounts.
Experts are saying that the IC cards are far better and safer than magnetic strip cards since it is harder to duplicate or forge and also because the IC cards can store more information. The only drawback is that the IC cards cost slightly more to produce than the magnetic strip cards. It will cost the banks 10 yuan to produce an IC card compared with producing the 1 yuan magnetic strip card. In the long run, costs for producing the cards will go down when the number of users increases.