Both cardholders and businesses stand to gain from investment savings, reduced transaction time and greater payment convenience. At the same time, it is a catalyst to the internationalization of China's financial sector. It integrates the real needs of domestic financial IC card applications and the experience of various commercial banks. To accelerate the implementation the adoption of the standard and the cards' roll out, PBOC selected Shanghai, Beijing and Changsha as the first batch of pilot cities. A Secure Access Module installed in the card's transaction equipment for authentication purposes.
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