On the afternoon of May 28, Vietnam Bank Card Association cooperated with Vietnam National Payment Joint Stock Company (Napas) along with 7 banks namely Vietcombank, BIDV, Agribank, VietinBank, Sacombank, ABBank and TPBank announced launch of local chip card products of banks.
Speaking at the event, Ms. Nguyen Tu Anh, Napas President, said that converting magnetic card to chip card is one of the key solutions of the banking industry approved by the Prime Minister in the Project to develop unused payment. in cash for the period of 2016 – 2020. Following the direction of the Prime Minister, the Governor of the State Bank has issued many circulars and decisions, including the roadmap for converting magnetic cards into cards that comply with the internal standards for internal chip cards. address, with the conversion route requirements for card payment organizations is 12/31/2020 and for card issuers is 12/31/2021.
Domestic chip cards fully meet technical factors on safety, security according to EMV international standards, limit the risks of fraudulence in card payment, ensure payment security for customers, serve as an important platform for integrating, applying services as well as cashless payments to services such as health, education, insurance and public services. The use of domestic chip card payment with small value transactions will bring a new experience for users (each bank limits transaction limits).
According to SBV Deputy Governor Nguyen Kim Anh, the conversion of magnetic cards to chip cards is an inevitable trend of countries in the region and the world, especially in the context of increasing technology crime and focus on Markets have not yet applied chip card technology. So this conversion is a great success of Napas and the banks.
Other News
Only 10% of ATM cards are converted from magnetic cards to chips
The leader of the Vietnam Bank Card Association said that the progress of issuing bank cards from May 2019 has not reached as expected, only about 10% of ATM cards have been transferred to chip cards. Mr. Dao Minh Tuan, Chairman of Vietnam Bank Card Association cum Deputy General Director of Joint Stock Commercial Bank
Details
All 6 types of papers are about to change, the people of the country benefit
In the coming time, it is expected that there will be a “revolution” involving a series of important papers for each citizen – a new step in the efforts to reform administrative procedures of the authorities. permission. 1. Identity of the citizen attached to the chip The Law on Citizen’s Identity stipulates that, starting from
Details
What is 3D security on bank cards – Safety – 2020
Many online shopping fans come across a 3D-Secure security system specifically developed for Visa international payment systems and then for MasterCard users. But what is 3D-Secure? How to connect it? What are its advantages and disadvantages? Is it possible to ignore it? Does he save from the intrigue of intruders? Where can I find 3D-Secure
Details
More than 1 million magnetic stripe cards have changed to chip cards
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said that the bank has converted over 1 million magnetic cards to chip cards According to Ms. Nguyen Hong Van, Director of Vietcombank Card Center, from September 2019, Vietcombank was one of the first banks to deploy new issuance and convert magnetic cards to contactless
Details
Cashless payments increasingly prevail
After years of getting used to cashing out, many people have turned to non-cash payments. It is forecasted that this trend will increasingly prevail in 2020 when 63% of adults in Vietnam have a bank account. Vietnam National Payment Company (Napas) said that in 2019 Napas switch systems grew 80.2% in the total number of
Details
Mastercard is committed to traveling with Vietnam to create a world that is not limited by cash
Vietnam is really moving ahead of more developed countries like Singapore and Malaysia in electronic payment, with the fastest mobile payment growth in the world, from 37% in 2018 to 61% in 2019. “Within 6 years, the scale of the Vietnamese e-commerce market is expected to be the second in Southeast Asia. This is really
Details
