The financial IC card function covers the existing common magnetic stripe bank card function, and can provide non-contact intelligent functions. However, most of the existing financial IC cards are embedded in the form of IC card chips with plastic cards as the carrier, which limits their development. Internationally, the international card organization actively promoted the global migration to IC cards and introduced a series of transfer policies. The process of replacing financial IC cards in various countries has accelerated markedly. IC cardization of bank cards has become an important development trend. In China, the People's Bank of China issued the PBOC 2.0 standard in 2005. From the beginning of 2007 to the end of 2008, China UnionPay promoted the pilot work of financial IC cards, including supporting the implementation of financial IC card projects such as Ningbo Citizen Card and ICBC Peony Transportation Card. Since the beginning of 2009, China UnionPay has vigorously promoted the construction of IC card acceptance environment. On March 15, 2011, the People's Bank of China issued the "Opinions of the People's Bank of China on Promoting the Application of Financial IC Cards". This opinion sets a timetable for the environmental transformation of financial IC cards and the issuance of financial IC cards by commercial banks. "In the case of the acceptance of the environmental transformation, the direct POS machine (point of sale terminal) can accept the financial IC card before the end of June 2011, and the financial IC of the inter-connected POS machine and ATM machine (automatic teller machine) deployed by the national commercial bank The card time is at the end of 2011 and before the end of 2012. From 2013, all the connected universal terminals that accept bank cards can accept financial IC cards. In the case of commercial banks issuing financial IC cards, before the end of June 2011, workers, farmers, and , construction, exchange and investment, the Postal Savings Bank should start issuing financial IC cards. From January 1, 2013, national commercial banks should start issuing financial IC cards. From January 1, 2015, they will cooperate in key economically developed regions. In the industry sector, bank cards issued by commercial banks and denominated in RMB should be financial IC cards."
First, the need for financial IC card innovation
(1) The market is in great demand for innovation
From the perspective of its attributes, IC cards are characterized by security, convenience, economy, and wide application. The IC card is a new type of safe and reliable financial payment tool that is currently promoted by the state. IC cards have good economics, save social costs, and improve economic and financial efficiency. For cardholders, it is possible to reduce the holding of change and various types of cards that are not universal; for merchants, IC cards can realize offline functions, which is convenient and quick, and saves money; for commercial banks, it can improve settlement efficiency and increase range economic effects. Expand more value-added services; for industry users, the integration of industry IC cards and financial IC cards can be realized.
At present, the development of IC cards in the industry is not limited to a single industry and a single function. Innovation will be integrated and developed along the boundaries of different industries. With the expansion of IC card innovation applications, the demand for financial IC card products will be driven. Commercial banks We should take the initiative to respond, establish standards, take advantage of our own customer resources, continue to innovate, promote cooperation with industry IC cards, carry out corresponding settlements, and seize market share in IC cards. With the advent of the mobile internet era, it has provided a broad market and huge practice and innovation space for the development of financial IC cards that have not yet begun to compete in the industrial intersection zone.
(2) The development and innovation of commercial banks is urgent
In August 2010, the central bank went online to pay online cross-bank clearing system, which can realize the interconnection and intercommunication of commercial banks' online banking systems, integrate the divided payment resources, and then affect the entire banking industry. It also means that once a user prefers to use it. Online banking, the user is likely to become a loyal customer of the bank. Therefore, online banking certificate customers become more important for a commercial bank. It is especially important to improve their experience service and obtain high loyalty. Integrate the innovation of online banking products and IC card products to meet customer convenience needs. And it is necessary to eventually grab the future market. In addition, the central bank's regulation of online third-party payment also provides a good development opportunity for innovative IC cards. Commercial banks should attract customers with innovative IC cards to meet the convenience of online payment. For commercial banks, financial IC cards can be innovated on the carrier, integrated with portable media to meet the needs of mobile phones and network users, bringing customers a new convenience experience, forming a differentiated competitive advantage in IC card expansion, and ultimately promoting The innovative IC card model was selected into the large-scale replicable promotion application program promoted by UnionPay to seize the commanding heights of financial IC card development.
(3) The government should not delay the migration and people's livelihood issues
At present, the International Card Organization has developed a series of incentives and restrictions for the migration of IC cards. The implementation of foreign IC card migration has made China's foreign card acquiring business face severe challenges. Therefore, China must accelerate the development of independent standard financial IC card business, and increase the voice of the reform in the field of international electronic payment is the responsibility of the Chinese government. In addition, the issue of people's livelihood has always been the focus of government work. Therefore, it is very necessary for governments at all levels to pay great attention to the application of financial IC cards in the field of people's livelihood. Central
It also provides the necessary basic conditions for the development of financial IC cards in the field of people's livelihood. The central bank actively promoted the acceptance of environmental construction, actively promoted the transformation and upgrading of POS terminals, focused on the acceptance of environmentally-friendly mobile phone payment methods and industry applications in line with the central bank's PBOC2.0 standard IC card, and accelerated the China's independent intellectual property IC card standards. Promotion and application. The central bank fully supports qualified commercial banks to carry out IC card system development and application work, promote the issuance of UnionPay standard IC cards, and summarize successful experiences, and explore the application model of large-scale replicable promotion of financial IC cards.
Second, the financial IC card innovation development ideas
The overall goal of promoting the application of financial IC cards during the “Twelfth Five-Year Plan†period is to “accelerate the process of chip card chip formation and form an application situation of incremental issuance of bank cards based on financial IC cards. Promote the combination of financial IC cards and public service applications. Promote the integration of financial IC card applications and international payment systems, and realize the integration of financial IC card applications with innovative applications such as Internet payment and mobile payment. This has clarified the development ideas for the development of China's financial IC cards. For the specific strategies of commercial banks, there are generally three forms of innovative ideas for financial IC cards: one is development model innovation; the other is product function innovation; the other is IC card carrier innovation.
In terms of development model innovation, IC cards are now mostly centered on the industry, issuing IC cards themselves, and banks coordinating settlement. In the future, an optional development model should be established. The focus is on banking as the center, and IC cards are issued by banks. Under the unified standards, the industry focuses on hardware services. The innovative financial IC card is a smart IC card that is launched by banks and conforms to the PBOC2.0 standard of the People's Bank of China. It is also an extension of the current IC card products. All industries only need to develop IC card items with their own characteristics to be integrated into financial IC cards. In the chip settlement function, they only need to purchase a charging system that complies with the bank IC card standard, so as to realize the gradual interconnection and intercommunication of IC cards in the industry and more widely satisfy customers. demand. In terms of product function innovation, we adhere to the development strategy of multi-purpose IC card for one card and multiple accounts. While continuously innovating and expanding the functions of the IC card account, we will simultaneously consider the parallel with the original products, and gradually integrate the functions of the original IC card products into the functions of the innovative IC card products to realize the innovative integration of IC card accounts. Specific development steps: In the short-term, it will be parallel with the existing products, and the integrated products will be formed in the medium term, and the branded and differentiated multi-functional products will be formed for a long time.
In the innovation of IC card carrier, the development idea of ​​innovative IC card should be to expand the traditional financial IC card carrier form, and vigorously develop the form of integrated carrier of IC card and other various portable hardware products. At present, the financial IC card hardware carrier is a plastic card of the same size as the magnetic stripe card, and this form is very convenient and necessary for the magnetic stripe bank card is not necessary for the IC card. The flexible nature of the innovative IC card carrier determines that it will be able to meet the individual needs of customers in the future financial tangible product competition. Innovative IC cards can greatly expand convenience and practicability by integrating with portable media such as flash memory cards and mobile phone SIM cards, and use various forms to realize the combination of financial IC cards and online banking and other U-bank products. Customers, through the integration of the carrier to achieve target customer integration. This integration brings a wide range of target customers, improves the stickiness of bank customers, and improves customer loyalty with high integration of products.
Third, the main problems of financial IC card innovation
(1) Unclear positioning
At present, the application of financial IC card micropayments by most commercial banks is mainly due to short-term motivations such as the absorption of deposits and loans by the service industry. It does not pay enough attention to the strategic motivation of financial IC card business, resulting in insufficient investment in financial IC card payment applications. Application development is slow. The understanding of the combination of IC card and magnetic strip is not enough. It makes China's commercial banks reduce the urgency of the innovation and development of the financial IC card market. The demand for magnetic strip IC cards is too optimistic and escaping. Magnetic stripe is bound, and the development of innovative financial IC cards is not well understood.
(2) Environmental constraints
Compared with commercial bank magnetic stripe cards, financial IC card acceptance machines are significantly less, which restricts the development of IC card innovation applications. Although starting from the beginning of 2009, China UnionPay vigorously promoted the construction of IC card acceptance environment, requiring new terminals to support PBOC financial IC cards, and required commercial banks to transform the stock terminals, but it is still insufficient compared to the huge market demand. China has only just begun to work on the environmental protection of overseas IC cards. In addition, the development of encryption technology has been accompanied by the development of cracking technology. In 2009, the security algorithm of the non-contact IC card, that is, the password protection of the "MI algorithm" was cracked, which also increased people's concerns about the development of financial IC cards. Although there are more advanced CUP-style IC cards, IC card security technology still needs constant innovation.
(3) Lack of cooperation
IC cards have been widely used in the industry, but in the process of lack of cooperation with commercial banks in the industry, on the one hand, with the expansion of scale, they will face financial problems such as settlement service constraints, and internal finance built by industry customers. The settlement system also faces problems such as supervision and redundant construction. On the other hand, the application of IC cards in the industry is ahead of the development of financial IC cards. For the sake of self-interest, industry IC card customers are not willing to participate in the sharing of profits and development of financial IC cards. The inconsistency of technical standards also objectively forms technical barriers for cooperation between financial IC cards and industrial IC cards, making it easier for industry customers to refuse cooperation with financial IC cards, thus limiting the development of financial IC cards. In addition, there is not enough cooperation between the industries. The business development model has not been fully considered from the perspective of cardholders, and there is no scale effect, which makes the development of financial IC card applications lack integration and innovation.
(4) Convenience restrictions
It is inconvenient for the customer to have multiple bank cards in the hands. Therefore, the customer has a strong demand for multi-purpose accounts for one card and multiple accounts. At the same time, the current account card storage of the IC card products to the designated place also brings inconvenience to the customer. In addition, bank security control hardware products (such as online banking U-Shield) that need to be carried separately are not convenient for customers. Even with IC card and SIM card combo products, there are low-end payment restrictions for micropayments, and the convenience requirements for medium and high-end customers are limited.
Fourth, financial IC card innovation development countermeasures
(1) Clarifying the strategic positioning of financial IC card innovation
1. The government must clearly play the role of market participants. Under the current national conditions, the government should actively support the development of the industry, supervise and implement the "Opinions of the People's Bank of China on Promoting the Application of Financial IC Cards", and make overall plans for the detailed strategic planning of the IC card industry, and simultaneously integrate the development status of the Chinese bank card industry, internationally. Under the premise of the environment and the 12th Five-Year Plan, we will coordinate the development of financial IC card innovations. Under the premise of legal compliance, we will attach great importance to protecting the profit model of innovative IC cards and promote finance.
The continuous development of the IC card industry chain. The development of innovative financial IC cards involves software technology enterprises, hardware equipment manufacturers, chip companies, commercial banks, industry customers and many other aspects. The government should attach great importance to the development of IC card core technology with independent intellectual property rights from the national financial strategy. Guarantee the innovative and healthy development of financial IC cards.
2. Commercial banks should develop a financial IC card development strategy. Commercial banks should proactively implement and implement institutional and resource arrangements, and highlight the innovative development of financial IC cards, encourage various forms of innovation and development, and compress the use of magnetic strip IC cards for expedient innovation, highlighting financial The IC card has a high starting point, high technology and high security features, and clearly defines its strategic positioning.
(II) Improve the market infrastructure
1. Perfect from the use environment. Relevant government departments should actively guide and promote the environmental construction of financial IC cards in the tertiary industry. Promote the use of financial IC cards in areas where transportation departments, hospitals, schools, etc. are closely related to public life and where cash usage is large. The study introduced the policy of supporting financial IC card support to overseas and gradually formed an international network of Chinese financial IC cards.
2. Perfect from the payment environment. The People's Bank of China should plan and require all commercial banks to pay for environmental construction, avoid redundant construction, and directly link the terminal equipments that need to be used for financial IC card transformation to China UnionPay transaction processing system, and maintain a relatively reasonable score. Run the ratio to minimize the migration cost of the entire industry to IC cards. Innovative financial IC card receipt and payment model, with the close integration and expansion of industry applications and financial applications, innovative financial IC cards are gradually promoted to small and medium-sized cities and rural areas through non-contact and wireless payment. With the rise of the mobile Internet, payment is not only dependent on limited ATMs, POS machines and other traditional terminals, the era of revolutionary payment terminals is coming. Internet and mobile payment provide the most important channel for the development of financial IC cards. A large number of mobile phone user groups and bank card holders have greater product integration needs, and commercial banks should take advantage of this opportunity to innovate and integrate mobile phone IC card payment terminals.
3. Perfect from the technical environment of IC card. The first is to develop national and industry standards for the development of innovative financial IC card industry and applications. Strategically attach importance to the formulation of relevant international standards and create a favorable technical environment for the development of China's financial IC card. The second is to establish a financial IC card risk management and certification system. Financial security is the foundation of the development of financial IC cards, and it is particularly important to establish a risk management and certification system. Strengthen the evaluation and certification of bank IC card software and hardware, improve the key system, and explore the use of cutting-edge technology to ensure the security of China's cryptographic technology information. The third is to establish a personalized IC service center for financial IC cards. With the advancement of the financial IC chip process, the personalized IC card personalized business will grow rapidly. On the basis of solving the problem of personalized security of bank IC cards, it is recommended that commercial banks set up financial IC card innovation service centers to provide professional services for innovative personalized services.
(3) Strengthening cooperation between industry and financial institutions
Innovative financial IC cards should use multi-functional value-added application projects as an entry point, creatively design the carrier form of IC cards, break through the existing co-branded card forms, and explore a cross-industry multi-application joint venture market model dominated by financial IC cards. Rapid expansion of customer groups to occupy the market. In terms of cooperation model, we will create a financial IC card innovation platform. Under the premise of fully communicating and determining profit sharing, integrate IC card applications in other industries, jointly issue industry financial IC cards, and continuously expand the value-added functions and profit models of IC card and financial IC card integration in the industry to achieve 1+1>2 Effect. In terms of business development, innovative financial IC cards must achieve multi-functional and cross-industry integration and application, and are widely implemented in small-scale e-wallets, medical and health, communications, road tolls, bus and subway ticket sales, taxis, taxation, fueling, utilities. Fees, social insurance, and other types of membership cards, shopping cards, discount cards and other aspects of settlement services, for commercial banks to implement the industry IC card custody profit model has laid a good foundation. On the technical level, commercial banks should actively strengthen communication and cooperation with industry IC card application enterprises to achieve seamless integration between the two, and ultimately achieve win-win cooperation.
(4) Fully satisfying customers' needs for convenience
The design of innovative financial IC cards should be based on the inconvenience of customers in the use of existing products, innovative IC card form, to solve customer demand for convenience. In solving the problems of storage, carrying and reading and writing convenience, it can be considered to be implemented in stages or selectively according to product technology and risk control factors. In the initial stage, the product can choose to integrate the online banking security U shield with the IC card account to realize the contact type field write card and the contactless type write card. In the contact type IC card storage machine, the card sleeve transfer mode can be used to realize the read/write function. . In the medium term, products can be considered to increase the variety of integrated hardware. For example, the USB flash card folding card, the online banking U shield and the IC card account can be integrated to realize that the IC card can be inserted into the mobile phone slot, the carrying convenience is improved, and the IC card reader and card reader can be used to realize online or offline. Read and write function. The final product development should break through the barriers of writing card technology, so that the integrated products can be stored without special card readers, and integrated into a special account for open reading and writing under the premise of controlling risks. The technological development of the IC card writer will create conditions for the integration of IC cards and banking products. Innovative financial IC cards also need to solve the problem of large-scale secure payment for mobile internet, especially mobile banking. At present, no matter whether it is mobile banking or mobile phone small-sized IC card application, there is no online payment U shield with a large amount of payment and high risk control level, which also brings some inconvenience to customers. Innovative integration of online financial U shield financial IC card products is a realistic solution to this problem.
About the author: Liu Dongxi, male, Shenyang, Liaoning, accountant, Ph.D., School of Finance, University of International Business and Economics, research direction: commercial bank.
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