The development of Credit Card in Europe

The beginning of the European credit card basically synchronized with the United States, brought to France by Dalai Lama in 1955, which is opened France market, and is also the European credit card market. 1961 American Express card was used in France, which promoted the development of French credit card. The United Kingdom also introduced credit cards in the 1960s. Barclays Bank of England and some U.S. banks reached an agreement to issue “Barclay Cards” across the United States and Britain, starting the history of issuing credit cards in Europe. European credit card market is very developed, but the development is relatively stable, MasterCard and VISA unified country, even Germany, an economic power even did not have a unified bank card organization.

France’s biggest contribution to the bank card is that it is not only the world’s first release of smart IC card country, but also the world’s largest smart IC card issuance market. As early as 1974 France has developed a smart IC card, officially started in 1982. The use of smart IC cards reduced fraud losses. After France introduced smart cards in 1998, the fraud rate dropped from 2.7% in 1997 to 0.018% in the current year, enabling the French industry to recover all investment in IC cards in seven years fee. France owns a number of well-known card and equipment manufacturers such as Bull, Schlumberger and Sagem, playing a pivotal role in global safety certification and high-tech product manufacturing.

Another major credit card market in Europe is the United Kingdom. National Bank of China issued a “travel card” in its home country. Barclays Bank reached an agreement with some U.S. banks to issue the “Barclaycard” across the United States and Britain and started the history of credit card issuance in the United Kingdom. Major UK issuers include banks such as Barclays, Lloyds, HSBC and Bank of China London.

Barclays Bank, one of the largest commercial banks in the United Kingdom, was established in 1862 and headquartered in London. It is the third largest bank in the UK after HSBC and Royal Bank of Scotland.

Lloyds Bank has a long history, was established in 1765. Following the successful acquisition of TSB, it became one of the UK’s top five commercial banks, Barclays, HSBC, Lloyds Bank, HBOS and National Westminster Abbey.

HSBC Bank plc is the UK’s settlement bank and HSBC’s head office in Europe and is now the UK and Europe’s largest bank. The Hongkong and Shanghai Banking Corporation Limited (HSBC and HSBC), a wholly-owned subsidiary of HSBC Holdings plc, is a founding member of the HSBC Group and the flagship in the Asia Pacific region and the largest registered bank in Hong Kong , And one of Hong Kong’s three major note-issuing banks, HSBC headquarters building in Hong Kong.

Germany, another European powerhouse, is economically developed and the credit card industry is not leading, even with little development. Germany began issuing credit cards only in 1978, and by 1996, the government did not even permit marketing of credit cards, which is more in line with the German sense of aversion to indebtedness.

By the end of 2005, 630 million cards were issued in Europe, but the development was not balanced. Germany, Poland, Britain, France, Italy and other countries accounted for more than 80% of the European bank card market. Meanwhile, EMV migration in European countries has been very successful. Some countries have already completed the migration of EMV chip cards. Over one-third of bank cards, 50% of ATMs and 70% of POS terminals support EMV. British liquidation also announced a few days ago that the country has successfully implemented chip card migration.

Europe has a prosperous economy. However, in addition to the contribution made by smart IC cards to bank cards, the overall development can be expressed in terms of “placidness” and it is quite appropriate.