Nearly 150,000 POS machines have to be upgraded to meet the new chip card standards

According to SBV regulations, in 2019, banks must upgrade 50% of existing POS machines. At this time, many banks are rushing to find ways to solve the cost problem.

Can’t read the chip card, swipe the card, the machines are nearly ten years old and must be upgraded. To install a 10 million dong machine, with more than 100,000 units to be converted, it is estimated that commercial banks have to spend trillions of dong on expenses.

VietinBank expects to replace about 16,000 POS devices. To reduce the cost burden, the bank was affiliated with a technology company. The company will install POS infrastructure, develop a network of points of sale. And the bank, will not make from A-Z as before but only focus on issuing cards, expanding users.

In return, the bank must share the profits earned from each payment transaction with technology investors. The representative of the State Bank said that this new direction will help commercial banks significantly reduce investment costs, and at the same time, contribute to speeding the process of non-cash payment in rural areas.

The SBV also aims for the next 2 years, the entire system, from cards, ATMs and POS machines, must be synchronized with the new chip card standards to ensure safety for payment transactions.

(Source: VTV)