Agribank actively accelerates the conversion of magnetic cards to chip cards

Converting domestic payment cards from magnetic cards to chip cards is one of the key solutions of Vietnam Bank for Agriculture and Rural Development (Agribank), in compliance with the Project of non-cash payment development the 2016-2020 period of the Prime Minister and Circular No. 41/2018 / TT-NHNN dated December 28, 2018 of the State Bank. At Agribank, from 20/5/2020, the bank officially issued widely in the whole system of domestic chip cards without contact with VCCS standard. Agribank’s leaders said that in the face of increasing high-tech crime, the issue of ensuring safety and security in card payment has been paid special attention by Agribank as well as the cardholder. Therefore, the introduction of domestic chip cards has met the requirements, increasing safety. At the same time, Agribank’s domestic chip cards can integrate non-cash payment services and means with other industries such as: Transportation, insurance, healthcare, education and public services … Agribank’s ATM / CDM / POS has completed the update feature of contactless domestic and international chip card acceptance to support customers with transactions. Previously, in 2019, Agribank was in the list of the first 7 banks in the market that would simultaneously launch domestic debit cards (ATM) according to EMV chip standard and change cards for users. Agribank focuses on promoting the development of card products and services using modern technology to optimize convenience as well as increase security, reduce costs and increase competitiveness of Agribank card products. Agribank is one of the banks voted for its network coverage throughout Vietnam with outstanding advantages in service as well as quality brought to customers. As of September 30, 2020, the Bank had over 13.5 million active cards with revenue from payment and card usage in the first 9 months of 2020 respectively reaching over 423 and 327 trillion dong. Agribank is one of the leading banks in the Vietnamese card market, accounting for 17% of the ATM market share, 13% of the POS market share, 13% of the number of cards in circulation, and ranked 2nd in the market in terms of usage sales ( 12%), ranked 3rd in card payment sales (17%). In 2020, due to objective difficulties resulting from the impact of Covid-19 and natural disasters, Agribank has had policies to support customers such as reducing card service fees. In addition, the strong development of Fintech companies, payment intermediaries and the promotion of non-cash payments have also created direct competition with card services, so Agribank as well as the banks Other commercial products on the market are under competitive pressure and face many difficulties, directly affecting the income of card services. Therefore, Agribank has focused its efforts on implementing synchronous solutions to continue maintaining and developing the card market. Specifically, the bank continues to improve mechanisms, policies, and business processes to create maximum convenience for customers in using Agribank’s card services. Along with that, Agribank focused on promoting the development of card products and services using modern technology to optimize convenience as well as increase security, reduce costs, increase competitiveness of card products. Agribank such as: Issuing non-physical card (Vitural card) for domestic debit card, connecting payment gateway for domestic card via Napas, function of changing limit of card transaction, blocking card on Agribank E-Mobile banking …; Connecting payment with payment intermediaries … to meet customers’ needs, improve the competitiveness of the bank in the future development orientation. Along with that, the management, prevention and treatment of risks in the card sector continue to be focused and further improved, such as the monitoring mechanism, risk warning … Currently, Agribank is implementing a project to promote the development of card services in the agricultural and rural markets. This scheme of Agribank is considered to have a very important socio-economic role and significance in promoting non-cash payments and developing card services in the agricultural and rural markets, increasing access to banking services of individuals and households. At the same time, contribute to limiting and repelling black credit in the agricultural and rural areas. Source: http://kinhtedothi.vn/agribank-tich-cuc-day-nhanh-chuyen-doi-the-tu-sang-the-chip-405456.html