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Is The Magnetic Stripe Card Disabled?
Jan 17, 2019

Recently, "from May 1st, the bank will completely close the magnetic stripe transaction of the chip magnetic strip composite card" message to explode friends circle. Is the magnetic stripe card really going to be deactivated? Have a visit to the Yangcheng Evening News readers, will this affect the use of their own bank cards. According to industry insiders, "completely closing the magnetic stripe transaction of the chip magnetic strip composite card" is a professional statement, which can be simply understood as the "magnetic strip" of the composite card is invalid, but it does not affect the use of the card; The pure magnetic strip card can still be used normally.


Interpretation:


Does not affect the normal use of the card


"To completely close the magnetic stripe transaction of the magnetic stripe composite card" is not unfounded. Yesterday, the Yangcheng Evening News reporter retrieved the "Notice of the People's Bank of China on Further Strengthening the Risk Management of Bank Cards". The notice pointed out that since May 1, 2017, the magnetic stripe transaction of the chip magnetic stripe composite card was completely closed, and commercial banks were required. Accelerate the process of replacing the magnetic stripe card with a financial IC card.


What does it mean to completely close the magnetic stripe transaction of the magnetic stripe composite card? The person in charge of the Guangdong branch of a state-owned bank said that it can be simply understood that the "magnetic stripe" in the "magnetic stripe + chip" mode has failed, whether it is through the POS machine or the ATM machine, the chip information is read.


According to reports, the financial IC composite card itself is a transitional period product for promoting chip cards. The Guangdong region is an area where chip cards are implemented earlier. As early as 2015, all POS machines and ATM terminals have been rebuilt. It means that since then, the cardholders in Guangdong have already "magnetic" the old "core", and the read-only chip does not brush the magnetic strip. The "May 1st" node, which is frequently mentioned in the recent widespread news, is actually the deadline for the central bank to give it to all parts of the country.


"In other words, the magnetic stripe transaction that completely closes the chip magnetic stripe composite card has no effect on ordinary cardholders." The banker said that whether it is a chip magnetic stripe composite card or a simple magnetic stripe card, this year May 1 It will still work normally after the day.


Reminder:


Chip card is safer than magnetic stripe card


However, the banker still reminds me to change the "core" as soon as possible, because the chip card is safer than the magnetic stripe card.


According to reports, there are currently three types of cards on the market, one is a traditional magnetic stripe card, one is a composite bank card with a magnetic stripe + chip, and the other is a single-chip card.


According to industry insiders, as an upgraded version of the magnetic stripe card, the chip card not only has the characteristics of large capacity, storage information, and good stability, but also has higher security performance. Due to the difficulty of copying the chip card, it can effectively reduce the risk of "the card is not stolen."


In addition, the reporter learned that the current VISA and Master cards issued by some banks are magnetic strip chip composite cards, which will not affect the use of such cards outside the country.


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