Chip card is a card that all information is encrypted on chip, more secure than magnetic card and will limit the situation of information theft, cash withdrawal at ATMs.
To issue chip cards, banks have to spend about 2 USD for a card, 7-8 times higher than a magnetic card. However, representatives of some commercial banks said that in the immediate future, not taking into account the plan of collecting new card issuance fees or the cost of exchanging old ATM cards to chip cards for customers. Consumers can still use both cards and chip cards in parallel, because ATM systems and POS card machines have been upgraded by commercial banks to accept both types of cards. At the request of the State Bank, 21 million cards from inland will have to be converted to chip cards right this year, by the end of 2021 will have to convert all.
Reporters have recorded some consumer comments on the conversion of magnetic cards to chip cards. Basically, people support when they know that the security will be improved, but there are still some concerns about the procedure and the cost of conversion because not all banks offer free cards to customers.
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It costs trillions to convert over 76 million ATM cards
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