chip cards

Update news chip cards

Banks to stop issuing magnetic strip cards in three months

Vietnamese banks will only be allowed to issue chip cards from March 31, 2021, according to a State Bank of Vietnam (SBV) draft circular.

Pandemic delays chip card conversion plans

Banks have embarked on the conversion of magnetic payment cards into chip cards for greater security, but the COVID-19 pandemic has significantly slowed down their efforts, making it difficult for them to meet the deadline.

VN banks issues more chip cards for security

Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations.

Chip cards may minimise bank card crime in Vietnam

Replacing magnetic strip cards with chip cards is expected to resolve the long-going security issues affecting bank cards, resulting in loss of money and personal data leaks in banks.

 

Are bank card criminals flocking to Vietnam?

The State Bank (SBV) said the process of converting 70 million magnetic cards into chip cards needs to be accelerated to prevent Vietnam from becoming the favorite destination for card crimes.

High investment costs make banks reluctant to use chip cards

 VietNamNet Bridge – Ignoring the advice by international card organizations about the low security of magnetic cards, most Vietnamese banks still have not shifted to use chip cards with the higher security.