CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Social Affairs
Vietnam banks asked to speed up application of chip cards for safe payment
Tuan Minh 08:11, 2019/05/29
According to experts, using chip cards would reduce the risk of counterfeit transactions, ensure payment security for customers and increase competitiveness of card payment in Vietnam.
The State Bank of Vietnam, the country's central bank, has been requiring banks to shift to the use of domestic chip cards from magnetic-stripe cards in a bid to ensure safety and make non-cash transactions more convenient. 

According to experts, using chip cards would reduce the risk of counterfeit transactions, ensure payment security for customers and increase competitiveness of card payment in Vietnam. 
 
Illustrative photo. Source: Chinhphu.vn
Illustrative photo.
Nguyen Quang Minh, deputy general director of National Payment Corporation of Vietnam (NAPAS), said that chip cards support payments for public services, especially public transport services. It will be an opportunity to expand services for both banking and transport sectors by reducing time and costs.

For the cardholders, with small transactions, no PIN code is required for customers, thus reducing operations when making payment, saving time and avoiding risks of disclosing PIN code. 

The NAPAS has prepared infrastructure and resources, operations as well as techniques to support banks in the process of converting about 75 million ATM magnetic-stripe cards to ATM chip cards.

In 2019, about 30% of the ATM magnetic-stripe cards will be converted to chip cards and all 75 million ATM magnetic-stripe cards will be converted to chip cards by 2021. This roadmap is consistent with the transition in regional countries such as Indonesia, Thailand and the Philippines.

Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh affirmed that the central bank requires the conversion of magnetic-stripe cards to chip cards to be in accordance with the roadmap. 

Currently, the banks which will apply chip cards in the first phase include Vietcombank, VietinBank, BIDV, Agribank, Sacombank, TienphongBank and An Binh Bank, with the number of ATM cards accounting for about 70% of the total number of cards nationwide.

Vietcombank’s Deputy General Director Pham Anh Tuan hoped that based on a common standard, card synchronization would take less time and require less investment or interbank transaction fees. This would also minimize money and data theft at ATM’s in the context of rampant high-tech crime.
Comments
Other news
11:12, 2024/05/15
PM calls for tighter controls on e-cigarettes and heated tobacco products
Local authorities in communes across Vietnam are asked to regularly supervise the prevention and control of e-cigarettes and heated tobacco products and strictly deal with related violations.
11:36, 2024/05/14
EU helps Vietnam cut plastic litter in oceans
Vietnam expects more cooperation and financial support from the EU to adapt to climate change and promote environmental protection and restoration of land, forest, and marine ecosystems.
21:31, 2024/05/07
Vietnam needs urgent regulatory framework to control e-cigarettes: Officials
Most e-cigarettes contain toxic substances such as nicotine, metal, and formaldehyde, causing loss of control, lack of concentration, and impaired memory.
21:44, 2024/05/03
Hanoi's largest incinerator to process one million tons of waste this year
The plant will have a positive impact on waste management, which has long been a source of frustration for local residents.
23:05, 2024/05/02
Jan-April job growth impressive in Hanoi
Hanoi plans to provide employment opportunities for 20,000 people in 2024 by holding 230 job transaction sessions through online, specialized, mobile, and direct recruitment forms.
18:24, 2024/04/29
Supermarkets in Hanoi offer promotions during national holidays
Big promotions at supermarkets will be an attractive shopping experience for Hanoi residents who have not left the city to travel during the ongoing holidays.