ICBC's chairman suffered a 50-percent salary cut in 2015. (Photo : Reuters)
Chinese banks will be issuing virtual identity electronic identification or eIDs, as China's Ministry of Public Security continues to work with these financial institutions to boost Internet security, Xinmin News Web portal reported on June 8.
The eID is based on code, theoretically regarded as undecipherable, according to Yan Zeming, a representative from the Third Research Institute of the Ministry of Public Security.
Yan added that even if the symbols are decoded, the output will still be meaningless.
The eIDs can be obtained at banks and are available for use in all online activities--from redeeming public services to online trading, to doing third-party payments. They can also be used in interacting on social media sites as well as in e-commerce transactions, Yan added.
Through the program, each citizen is given an eID corresponding to his or her real identity, helping him or her avoid harassment calls and various scams.
The Industrial and Commercial Bank of China (ICBC), the Shanghai Commercial and Savings Bank and the China Minsheng Bank are open to cater to people's inquiries about the eIDs.
The trial scheme kicked off in mid-2014. The ICBC is believed to have released 16 million bankcards with eIDs across the nation.
Critics said that eIDs could serve as a new tool that authorities can use to tighten scrutiny on online activities.
Apart from China, the United States via President Barack Obama has also drafted a National Strategy for Trusted Identities in Cyberspace earlier in Jan. 2011 to secure online identity.
