Problems with Financial IC Cards

The financial IC card loading industry has a single application function. With the accelerated progress of the bank card chip process, the volume of card issuance has risen sharply, and the powerful functions of financial IC card interoperability and multi-purpose cards have not been fully reflected. Due to the large number of bank cards issued or replaced, most banks have taken the initiative to bear the huge amount of card issuance costs, which has brought great pressure on the bank's operations. The release of a large number of single-function cards also makes it more difficult to integrate.

Electronic cash functionality needs to be improved. First, current electronic cash can only be searched, circled, circled, etc. on ATMs, and online banking and mobile banking commonly used by consumers do not have corresponding functions. The second is that most counters and ATMs do not have open laps. As a result, if a cardholder mis-operates to deposit cash into an electronic cash account, he can only use the cash of the electronic cash account through the way of consumption, increasing the amount of cash. People circle cash concerns.

The construction of non-contact payment environment needs to be improved. Mainly reflected in the large gap between urban and county distribution, the construction of market acceptance in rural areas is further lagging; the development of high-end and low-end merchants is unbalanced, and there are many banks simultaneously deploying more than one machine in a merchant; at the same time, some banks, Third-party agencies occupy businesses by lowering their rates, leading to unordered competition in non-connected terminals. In addition, there are still a large number of third-party institutions that have launched simple machines and do not have the non-payment function.

The use of multiple services in the area of public services has been slow. In the process of promoting the integration of industry resources, there are many obstacles that have led to a slow progress. For example, in terms of coordination, integration, and sharing of project resources, there are issues such as interest appeals of various parties, investment costs of banks, and improper recovery, which leads to a substantial increase in intermediate costs during the process of promotion.

The application software environment needs to be popularized. In recent years, various commercial banks and UnionPay Co., Ltd. have vigorously promoted the application of financial IC cards in the public service field. The investment in application projects and application environment is very large, but the application effect is not obvious.