Transform your bank card into an electronic chip card

Transform your bank card into an electronic chip card

The State Bank of Vietnam (SBV) has issued the Plan No. 16 / KH-NHNN on the conversion of bank cards from magnetic cards to microchips; Strive to the end of 31/12/2020 the entire card market in Vietnam has completed conversion.

Over time, Vietnamese bank cards have developed rapidly and are becoming increasingly popular. However, most bank cards in Vietnam are still using magnetic card technology, easy to forge, safety is not high. The trend of most countries in the world has been rapidly switching to electronic chip technology, high security and increased usability for customers.

In that context, the State Bank of Vietnam (SBV) has issued a plan for converting bank cards from magnetic cards to electronic cards to guide card issuers, card payment organizations and organizations. card switching and related units plan to take the initiative, prepare the resources as well as the necessary conditions to make the conversion achieve good results.

 

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Targeted to deploy urgently, synchronously, strive by 31/12/2020 until the whole card market in Vietnam was converted to chip card.

The implementation of this Plan is divided into two phases. Phase 1 from the beginning of 2016 until the chip card standard is issued (expected from 12 to 15 months): Card issuers, card payment organizations focus on preparing the available sieves for conversion. Phase 2 of the transition (from the time when the chip card standard is issued until the end of 2020): Card issuers, card payment organizations issue their official transformation plans and groups The implementation of the conversion.

The Governor of the State Bank shall assign the departments and branches of the State Bank to perform the assigned tasks, handle difficulties and problems, direct the card issuers and the card payment organizations to supplement , modify the conversion plan (if needed) and continue to prepare for the transition.

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