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 chip technology (Chip Contactless) and upgrading the system of card payment machines and ATMs throughout the system to ensure the acceptance of chip cards, meeting the requirements of the conversion roadmap of the State Bank
“To date, Vietcombank has issued and converted over 1 million Chip Contactless cards and upgraded over 50% of payment machines, nearly 70% of ATMs accept chip cards” – Ms. Van said.
Vietcombank is one of the banks with the largest number of cards and ATM system in the market, so the conversion cost is huge. However, at present, this bank is still free to convert customers from magnetic cards to chip cards to increase safety, increase convenience, shorten payment time …
Currently, Vietnam has 48 banks that have issued about 76 million magnetic cards. According to the plan, by the end of 2021, all existing magnetic cards will be converted to chips.
Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh said that the conversion of magnetic card to chip is the central solution to promote cashless payment. Chip card fully meets technical factors on safety and security according to EMV International Standard, limiting risks of fraudulent fraud; serve as an important platform for integrating and applying for non-cash payment services and services for services such as health, education, transportation, insurance and public services. People pay by chip card with contactless technology for small value transactions just need to perform one touch of the card to the POS machine to complete the transaction.
Source: https://thitruong.nld.com.vn/vnmoney/hon-1-trieu-the-tu-da-chuyen-sang-the-chip-20200506101147464.htm
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