China Merchants Bank has begun a nationwide campaign to issue bank cards with BIN numbers starting with No.6. It is the first domestic commercial bank to launch such cards around the country.

BIN, i.e., Bank Identification Number, is managed and allocated by International Standard Organization (ISO) to financial sector. China UnionPay is entitled to use BIN numbers with 6 as the first number. This has laid a good foundation for RMB cards equipped with overseas payment application.

By the end of April this year, 93 institutions have applied for BIN numbers in China and 28 of them have issued such cards. Cards with the sign of UnionPay, or Yinlian in Chinese, can be used for deposit withdrawal at any ATM machines with the same sign. They can also be used for payment --- but domestically only.

Now on this basis, overseas payment is possible with cards with BIN numbers. This is a step for RMB cards to go international. In addition, it reduces costs for cards changes and issuance in the future. In this way, Chinese banks improve its competitiveness in the international market.

The issuance of the new All in One cards with BIN numbers by China Merchants Bank is extended to the whole country. Holders of old All in One cards, which can be used only in the Chinese mainland, China��s HKSAR and Macao SAR, can have their old cards with 9 as the first number changed at China Merchants Bank.

The old cards, remaining validity, will not be issued any more. Sources from the bank vowed to have most of their clients use their new All in One cards with BIN numbers in two years.

By People's Daily Online