Beijing to Issue IC Payment Card

Beijing will initiate an all- purpose IC card system so that local people can pay the fare for using various vehicles, parking lots, parks, residential communities, and many other public services with only one e-card.

According to the agreement signed between China International Trust and Investment Industrial Bank (CITIC) and a local IC card provider last Tuesday, CITIC will grant 800 million yuan (US$96 million) in credit loans to the firm to issue eight million such cards.

The bank will also offer comprehensive banking services to sustain a smooth operation for the IC card system.

The first batch of such cards will be used in some 442 buses on 24 traffic routes in April this year.

China began to take measures to standardize administration and production systems of IC card manufacturers in 1998.

At present, 14 banks are engaged in IC card business, and a total of nearly eight million cards have been distributed.

(Xinhua 02/24/2001)

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