The bank is racing using chip card technology

Banks are racing to use the technology to convert magnetic cards to chip cards. Accordingly, customers receive many benefits from domestic chip cards. Technology is constantly updating Switching cards from magnetic to chip technology is a requirement for commercial banks in the period 2020-2021. Ms. Nguyen Hong Van – Director of Vietcombank Card Center said that from September 2019, Vietcombank is one of the first banks in the market to launch new issuance and convert domestic debit card technology to Chip contactless technology (Chip Contactless) and upgrading the card payment machine (EDC) system as well as ATM throughout the system to ensure the acceptance of chip cards according to the basic set of standards, meeting the requirements of the transfer roadmap according to Circular 41 of the State Bank. Up to now, Vietcombank has issued and converted over 1 million Contactless chip cards and upgraded over 50% of EDC, nearly 70% of ATMs accept Chip cards according to the basic standard across the system. And ACB has issued two new domestic chip cards using VCCS technology: Domestic debit card with the name ACB Green and domestic credit chip card with the name ACB Express. ACB Green and ACB Express cards apply VCCS chip card technology according to the State Bank of Vietnam standards, customers’ card information will be stored on electronic chips to help minimize counterfeiting and fraud. card translation, thereby improving the safety and confidentiality of information. Besides, contactless transaction technology will help speed up processing speed when customers make payment transactions. In particular, Agribank’s domestic chip card is optimally designed for payment application in traffic with the speed of completing normal transactions 150-200mns, meeting the payment standard in public transport (below 300mns). Thus, in parallel with the issuance of contactless domestic chip cards, Agribank is also issuing contactless international chip cards with Visa / Mastercard brand under the EMV standard. In addition, Agribank’s ATM / CDM / POS has also completed updating the feature of accepting contactless domestic and international chip card payments to support customers with transactions. Currently, Agribank is serving more than 13 million active cards and always maintains its position in the Top 3 commercial banks in the market with more than 3,000 ATM / CDM, more than 24,000 POS installed and distributed across the provinces, Remote regions across the country. The issuance of contactless domestic chip cards by Agribank in accordance with the VCCS standards not only helps increase many features and utilities for customers, but also contributes significantly to promoting non-cash payments. World trends The State Bank representative said that the conversion of domestic chip cards is an inevitable trend of countries in the region and the world in the face of increasing high-tech crime and focusing on markets that have not yet moved. chip technology change. Therefore, the Vietnam Bank Card Association, banks, Napas and related units need to coordinate more closely and actively to accelerate the conversion of domestic chip cards in accordance with the roadmap issued by SBV. . The conversion must ensure that the card operation continues to take place continuously, stably and safely; At the same time, it is necessary to ensure the legitimate interests of cardholders in the conversion process. Mr. Nguyen Quang Hung – Napas Chairman of Board of Directors – shared: “Currently, the trend of payment in the world is using bank cards due to the convenience, speed and transparency of the card, all of which bring about Great benefits to the economy and the people. Therefore, since 2016, the Government has issued a Project on promoting non-cash payments that the State Bank of Vietnam, commercial banks and other entities are making efforts to implement. Source: https://thitruongtaichinhtiente.vn/ngan-hang-chay-dua-su-dung-cong-nghe-the-chip-32489.html