The news reports that the central bank will completely stop using magnetic stripe cards, so my bank card only has magnetic stripes. Will it be useless in the future?

After the application and promotion of financial ic cards are fully launched, in order not to affect the normal use of cards by cardholders, financial IC cards issued by banks still have magnetic stripe media, and cardholders can use IC media to complete payment on the modified terminals or use magnetic stripe media to complete payment on the terminals that have not been modified.

The central bank issued the Notice on Matters Related to the Gradually Closing and Downgrading of Financial IC Cards. In order to avoid the risk of fake card fraud caused by the downgrade of financial IC cards, the magnetic stripe end of composite bank cards (both magnetic stripe and chip) will be gradually closed, laying the foundation for Chinese banks to stop issuing magnetic stripe cards.

At the same time, the timetable for commercial banks to close the offline channel financial IC card downgrade transaction is put forward. All commercial banks should, according to their own reality, close the financial IC card downgrade transactions of other offline channel terminals before the end of the year. At the same time, the Notice of the Central Bank requires all card-issuing banks and acquiring institutions to pay attention to online trading channels such as mobile finance and Internet payment, and promote trading methods based on financial IC card chips to ensure the security of online channel transactions.