Convert chip cards: Determined determination, lack of time

The State Bank of Vietnam has set a roadmap by the end of 2021, 100% of bank cards and devices that accept cards in Vietnam must be converted to chip standards. Banks are determined to convert cards even though there are still some problems.
Talking to Tuoi Tre, Mr. Nguyen Minh Tam – Deputy General Director of Sacombank – said that many years ago international cards bearing Visa, Master and JCB cards issued by Sacombank were all chip cards, contactless cards.

Determination of the banks

In June, Sacombank was one of the first banks (banks) to issue domestic Napas chip cards, contactless, according to VCCS standards.

“It shows the determination of the NH in chip localization. However, there are still large numbers of cards from domestic ATMs issued earlier in order to meet the salary payment and the need to withdraw ATM money in circulation. it takes time to convert, “said Mr. Tam.

Mr. Le Thanh Trung – Deputy General Director of HDBank – also said that the bank has completed the upgrade of the system and officially issued the chip card from April 2020, including contact and non-contact chips.

According to a representative of Vietcombank, all new cards issued by this bank are chip cards. Vietcombank currently has about 14 million cards. The number of cards required to convert is about 70% of the total number of cards with 9.8 million cards.

Mr. Nguyen Quang Hung – General Director of Vietnam National Payment Joint Stock Company (Napas) – said that Napas is working closely with banks to carry out the conversion of magnetic cards to chip cards according to the schedule set by the State Bank. out.

By the end of the first quarter of this year, 26 banks including Vietcombank, Vietinbank, Agribank, Tienphongbank, Sacombank … have completed the system authentication for card conversion.

One of the main goals that Napas focuses in the near future is the conversion of magnetic cards to chip cards.

If viewed from a technology perspective, the conversion of magnetic card to chip card helps to be safer, more secure. In particular, the chip card outstanding feature is the one-touch payment technology.

Need to build a card payment ecosystem

Napas said that it has recently cooperated with the NH Association and 7 commercial banks to introduce contact and contactless chip cards to the market.

In addition, Napas has also implemented certification of local chip cards for 9 card embryos suppliers and 5 equipment suppliers that accept cards. This shows that the market is very competitive. Banks select the best services to convert chip cards.

“To make payment by card, cardholders have to swipe the card and press the PIN. But with chip technology, contactless chip cards allow users to simply touch the card to the device that accepts the card with valuable transactions. small.

No need to enter PIN, no need to hand over the card to the cashier and still make a successful payment “- Mr. Nguyen Quang Hung shared.

Napas said it is promoting cooperation with public transport service providers to test the use of contactless chip cards of banks to pay for public transport services such as buses, metro, etc. similar to electronic tickets in England, Singapore.

Using contactless cards to pay for transportation costs is considered a solution to minimize cashless payments.

Source: https://tuoitre.vn/chuyen-doi-the-chip-thua-quyet-tam-thieu-thoi-gian-20200525221834336.htm