Published : 2025-09-19

On 19 September 1995, the widely-followed Shanghai Golden Card Project made a breakthrough, being the first in the country to realise "one card in hand, accepted throughout the city".

After the official launch and operation of the Shanghai Golden Card Project's ATM (Automated Teller Machine) network, people holding a bank card from any of the five major specialised banks—the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), the Bank of China (BOC), the China Construction Bank (CCB), and the Bank of Communications (BOCOM)—could check their balance and withdraw cash at any ATM displaying the network logo.

Before the official launch and operation, the five major specialised banks in Shanghai had already conducted a two-month trial run of the ATM network, during which the number of their ATMs connected to the network reached 166, with 12,154 inter-bank transactions and a transaction value of 3.25 million RMB. The results of the trial run showed that the ATM network met the requirements for its official launch.

After the launch of the ATM network, Shanghai would further increase the number of ATMs connected to the network, improve system performance, and refine management regulations, so as to truly realise the first-step goal of the Golden Card Project: "one card in hand, accepted throughout the city".

At the same time, efforts would be intensified on the commercial automation pilot project, and then a pilot for a POS (Point of Sale) network would be gradually conducted, starting with 12 major department stores in Shanghai.

It was hoped at the time that within two to three years, commercial outlets on major commercial streets in the city centre would be able to fully accept credit card transactions, reducing cash payments and cash circulation in the consumer sector.