Baoviet Bank converts magnetic cards to domestic chip cards

The digitization of domestic cards of Baoviet Bank aims to ensure transaction safety for customers, and prevent fraud and fraud.

From September 14, Baoviet Bank completed the conversion of magnetic cards to domestic chip cards. Compared with magnetic cards, the domestic chip card line fully meets the elements of international EMV standards, the bank said.

With domestic chip cards, customers’ payment activities are secured when the security keys are on the chip chip instead of on the magnetic strip, helping to reduce counterfeit and fraudulent transactions. When making a payment, the local chip card generates a unique transaction code that is never repeated.

In addition to transaction features such as normal ATM cards, Baoviet Bank’s chip cards also have a Contactless feature – contactless transactions, allowing customers to simply touch or put the card close to the POS terminal. payment is possible easily.

The bank said that the maximum transaction amount (without entering PIN) is one million dong each, up to 2 million dong a day. During and after the transition, customers can still perform normal traditional transactions without interruption and still enjoy the benefits of transactions on BaovietBank digital applications such as BaovietPay, BaovietSmart, Internet. Banking, and many other promotions …

“The trend of ‘touch’ payment becoming familiar and well-received by the market is what we expect when converting cards to EMV standard chip technology. The ATM / CRM system meets the domestic chip card standard (VCCS). In parallel with the card launch with smart and modern image design, BaoViet Bank hopes to bring new experiences and more benefits to customers “, the representative of this bank shared.

According to the plan, this bank will convert all domestic cards in circulation to domestic chip cards on December 31, 2021. Baoviet Bank’s customers are fully charged free of charge.

Recently, the bank has focused on developing non-cash payment transaction channels, developing many new service features on mobile phone platforms. In early September, this bank launched a new Internet Banking interface to increase convenience for customers to learn and use the service.

Source: https://vnexpress.net/baoviet-bank-chuyen-doi-the-tu-sang-the-chip-noi-dia-4161715.html