The State Bank of Vietnam proposed the issuance, payment, switching of electronic cards … seriously organized the application of domestic standard of chip card base.
The State Bank of Vietnam (SBV) has just issued a written request for card issuers, card payment organizations, card switching organizations and electronic clearing organizations to conduct card implementation contents. “Standard base on domestic chip cards” is applied.
Specifically, the SBV asked the above organizations to actively, proactively and seriously organize the application of the local standard on domestic chip cards according to the conversion roadmap specified in Circular No. 41/2018 issued on December 28, 2018 of the SBV.
Along with that, organizations need to invest in upgrading and equipping infrastructure systems and techniques to ensure the smooth and safe operation of card issuance and payment management.
The SBV proposed the above units to strengthen measures to ensure the safety and confidentiality of information in card use and cases of card loss or information disclosure; implement measures to ensure safety and prevent risks for card transactions in accordance with the principles of risk management in electronic banking activities; receive complaints (if any), promptly notify the competent authorities to handle in accordance with the law …
Every year, organizations report to the State Bank on the results of the application of the local standard on domestic chip cards in their units (the deadline for submitting the report is January 15 at the latest of the year following the reporting year. fox).
Converting domestic payment cards from magnetic cards to chip cards is one of the key solutions of the banking industry approved by the Prime Minister in the Project on developing non-cash payment for the period 2016-2020.
Following the Prime Minister’s direction, on October 5, 2018, the SBV announced the Ministry of Internal Standards on domestic chip cards. The SBV Governor then issued Circular No. 41/2018 on the roadmap for converting bank cards to cards that adhere to the basic standards for domestic chip cards. Accordingly, the conversion schedule for card payment organizations is until December 31, 2020 and for card issuers as of December 31, 2021.
According to SBV data, by the end of May 2019, Vietnam had 48 domestic card issuers with a total of about 76 million cards, more than 261,000 POS and 18,600 ATMs.
According to the plan, by December 31, 2019, commercial banks will convert at least 30% of cards from domestic, 35% of ATM and 50% of existing POS to chip technology. exposed and not exposed.
All ATM and POS machines on the market ensure compliance with the Standard by December 31, 2020. By December 31, 2021, all domestic cards in circulation of card issuers comply with the basic standards for domestic chip cards.
Source: https://vietnambiz.vn/ngan-hang-phai-bao-cao-dinh-ki-ket-qua-chuyen-doi-the-tu-sang-the-chip-20191031155517934.htm
Other News
Payment via e-wallet, how to ensure safety and convenience?
Using electronic wallet to pay online instead of cash is becoming a trend of Vietnamese consumers. But technology wallets are also the target of cyber attacks … E-wallet is the target of hackers According to Mr. Le Anh Dung – Deputy Director of Payment Department (State Bank of Vietnam), the State Bank has licensed 37
Details
Vietnam is ready to convert magnetic cards into local chip cards
Stable, safe, smooth conversion and ensure the interests of card holders, aiming to convert all bank cards from magnetic cards to domestic chip cards using safe, secure and convenient chip technology Useful, multi-application for all Vietnamese people. Under the direction of the State Bank, Vietnam Bank Card Association (VBCA) in collaboration with Vietnam National Payment
Details
From today, ATM cards issued on the market must be chip cards
TTO – As of March 31st, banks are no longer issuing new domestic cards as magnetic cards to switch to chip cards. The cessation of issuing magnetic ATM cards is to comply with the provisions of Circular No. 22 on amending and supplementing a number of articles of Circular No. 19 on banking card operations.
Details
Regulations on the model of citizen’s identity card attached to electronic chips
The form of a Citizen Identification Card (CCCD) under Circular No. 06 has an electronic chip and stores basic information of citizens, with two languages in Vietnamese and English. Circular No. 06/2021 / TT-BCA on the model of citizen’s identity card (Circular 06), including 05 articles and takes effect from January 23, 2021, signed by
Details
Nam A Bank put IA robot and artificial intelligence into the transaction
Nam A Bank has officially launched a digital transaction space integrated with modern equipment ecosystem, especially the application of artificial intelligence (AI) to enhance customer experience on 12/12. Here, Nam A Bank also “launched” Robot OPBA and became the pioneer Vietnamese bank to bring robots to serve customers. For the first time in Vietnam, customers
Details
Nam A Bank shook hands with Appotapay e-wallet
Nam A Bank and AppotaPay Joint Stock Company have just signed a cooperation agreement, contributing to providing convenient financial services to customers based on the strength of modern technology. Accordingly, Nam A Bank and AppotaPay signed an agreement to sign cooperation services such as: Linking e-wallet, payment gateway, collection on behalf of … At the
Details
