The bank must periodically report the results of conversion of magnetic card to chip card

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