PVcomBank upgraded new features for the ATM system

PVcomBank has just upgraded to new features for the entire ATM system to increase the utility for customers.
From November 2019, all ATMs of PVcomBank across the country have been upgraded to accept chip card transactions according to VCCS (Vietnam Chip Card Specifications) of all banks in Vietnam and integrated features. Cash by Code (Cash by Code).
VCCS standard chip card is an integrated card EMV technology (standard smart payment card issued by 3 card alliance Europay, MasterCard, Visa). The security of standard VCCS chip cards is much higher than that of magnetic cards because card criminals cannot copy data to make fake cards and withdraw money, as they do with magnetic cards.
Besides, VCCS standard chip cards use contactless international payment method with super fast transaction speed from 0.2 to 0.3 seconds without entering PIN or signing with small value transactions. Customers just need to place it near, glide or lightly wave the card on the POS device with contactless technology to pay without the need to swipe a traditional tape.
In addition, contactless chip cards will also expand the integration of payment utilities with other economic sectors, towards a multi-purpose payment card, integration of payment applications in transportation and insurance. , health, education, public services right on the same card. For example, in Singapore, people on the bus will have two payment methods: cash or use EZLink / Nets Flash Pay card – contactless chip application.
Or as in Korea, Cashbee is the name of the VCCS chip card used for public transport across the country. With this card, users will not have to buy a subway ticket for each trip and get a discount when you transfer buses, transfer the subway or when transferring from bus to subway.
In addition to these outstanding features, chip cards also have the ability to store information larger than conventional magnetic cards, giving the bank a basis to develop more applications on the card, thereby providing products. Diverse card, convenient for customers to use.
With the adoption of VCCS standard chip cards, PVcomBank’s ATM will provide customers with a secure and secure transaction experience by ensuring card information verification, enhancing security and safety compared to those of PVcomBank. Ordinary ATMs, avoid information theft and absolute card counterfeiting.
This is a stepping stone for PVcomBank to launch VCCS chip card in the coming time, following the general roadmap for conversion from magnetic card to chip card of the State Bank (SBV), towards implementing the payment development plan. using cash in the period of 2016 – 2020. According to the representative of the SBV – Mr. Nghiem Thanh Son, Deputy Director of Payment Department, at the end of 2019, at least 30% of payment cards must be converted to chip cards. By December 31, 2020, 60% of payment cards must be converted to chip cards and by the end of 2021, all payment cards on the market will be chip cards.

PVcomBank focuses on investing in human resources and technology to upgrade the ATM system to meet customer needs.
From November 2019, PVcomBank started expanding its Cash by Code service at ATMs, on Mobile Banking. As a result, the beneficiary does not need a bank account, can receive money at any PVcomBank ATMs, save a lot of time and effort in financial transactions.
With the focus on technology development in the era of technology 4.0, PVcomBank has invested in human resources and infrastructure to upgrade the modern ATM system, integrating many utilities. in trading, giving customers the best financial experience.
(Source: Bizlive)