PBOC announces IC standard for cashless consumer cards

The People's Bank of China (PBOC) has released national standards for integrated circuit (IC) cards, which are expected to dominate personal banking and consumer payments in the future. The technical standards were jointly developed by payments company Visa International, PBOC and domestic commercial banks. 'Their introduction marks a new phase in China's bank card industry,' PBOC vice-governor Shang Fulin said. The cards conform to existing International Standards Organisation specifications and are compatible with the global standards of Europay, Mastercard and Visa. The People's Bank of China will begin testing and certifying pilot projects based on the new standards next year.