From today, ATM cards issued on the market must be chip cards

TTO – As of March 31st, banks are no longer issuing new domestic cards as magnetic cards to switch to chip cards. The cessation of issuing magnetic ATM cards is to comply with the provisions of Circular No. 22 on amending and supplementing a number of articles of Circular No. 19 on banking card operations. In Circular 22, the State Bank of Vietnam stipulates a mandatory period for banks to stop issuing magnetic cards as of March 31, in order to prevent some banks from continuing to issue new magnetic cards. customers, affecting the roadmap to convert local chip cards in 2021. Recognizing the fact that over the past time, some banks have gradually converted to ATM chip cards. From February 2020, Vietcombank announced to stop providing services for Connect24 cards with prefix 686868 and asked customers to come to the counter to exchange for free cards. At TPBank, the issuance of new domestic chip cards has been tested since the end of 2018 and officially released to all customers from June 2016. All ATMs, POS and LiveBank machines of this bank have also been upgraded and converted to accept domestic chip cards. Some banks also develop a non-physical card such as Nam A Bank, which issues a non-physical credit card, integrated right into the Open Banking digital banking application to help customers make transactions without holding the card. in your wallet, don’t worry about losing your card. Currently, many banks are still maintaining the policy of converting free to chip cards for customers. However, according to some banks, since the magnetic ATM card is still being used normally, many customers have not actively registered to switch cards because they are afraid of the procedure. According to the National Payment Corporation of Vietnam (Napas), by the end of 2020, 38 banks have issued domestic chip cards, and upgraded the infrastructure to accept chip cards on ATMs. POS. Source: https://tuoitre.vn/tu-hom-nay-the-atm-phat-hanh-tren-thi-truong-phai-la-the-chip-20210331192849882.htm