What does it mean to open the financial function of social security card?

The financial function of social security card means that social security card is both a medical insurance card and a bank debit card. These two accounts are completely different, independent and unrelated. Personal accounts of medical insurance can only be used for medical treatment, drug purchase and consumption in designated medical insurance institutions according to regulations. Financial account has the function of bank debit card, which can deposit and withdraw cash, spend by credit card, transfer money, etc. , and you can also choose to open online payment, investment and financial management functions.

Retirees can get their pensions with cards, and some administrative organs, enterprises and institutions use social security cards as salary cards to pay wages. The money paid on the social security card can not only be used for cash withdrawal, but also be used for shopping with a credit card or as a withholding account for utilities, just like ordinary bank debit cards. The financial application of social security card with financial function is RMB debit application, and the credit function is not supported at present. The card medium of this card is generally a contact chip card, but there are also social security cards with contact+non-contact dual-interface cards issued by banks. The social security card temporarily transits in the form of a chip and a hidden magnetic stripe composite card. The chip should include human resources, social security applications and financial applications at the same time. The social security card adopts the national unified standard, and the social security number adopts the citizenship number in accordance with the relevant provisions of the Social Insurance Law. From then on, the social security card will join the financial function and be unified throughout the country.