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Secure Transactions News

China to switch to smart payment cards

Thursday 24 March 2011

The project also takes into account the acceptance side: bank-connected POS terminals will have to support smart cards by June 2011, and POS connected via China UnionPay infrastructure will have to support smart cards by December 2011. By end of 2012, all Automated Teller Machines will have to support smart cards.

In China, there are 2,415 million payment cards on the field including 230 million credit cards and 2,185 million debit cards. Chinese market represents 3.33 million POS terminals and 271,000 ATMs.

The total cost of the project is estimated to be over CNY 100 billion (EUR 10.7 billion), including CNY 40 billion (EUR 4.3 billion) for cards between 2011 and 2015. Figures generally for costs in China are CNY 20 to 30 (EUR 2.14 to 3.21) for smart cards, around CNY 2500 (EUR 270) for POS terminals, and CNY 8,000 (EUR 860) for ATMs.