The bank must issue local chip cards as of March 31, 2021.

The Banco del Estado has just announced the draft that modifies and complements various articles of Circular No. 19/2016 that regulates operations with bank cards.

Highlight in the draft amendment circular, the State Bank has given a specific schedule of March 31, 2021, card issuers have to issue new national cards as chip cards, replacing because the word card is present .

Previously, the milestone of the 100% national debit card (ATM) in the market must comply with the base standard for local chip cards of December 31, 2021. Thus, the State Bank has “accelerated” the advance of the issuance of new chip cards from commercial banks.

As of March 31, 2021, all newly issued ATM cards must be domestic chip cards. Photo: Lam Giang

According to the editorial board’s explanation, the addition of the required time limit when opening new ATM cards for customers must be domestic chip cards for commercial banks to be active in issuing chip cards. At the same time, the bank should allocate human resources and financing to help customers convert magnetic cards into chip cards so as not to affect the use of the card by customers.

“The new regulation also aims to prevent the phenomenon of some banks continuing to issue magnetic cards to customers, affecting the roadmap for the conversion of local chip cards in 2021,” confirmed the Banco del Estado’s drafting board.

Additionally, the draft circular also extends the 100% time limit of ATMs and point of sale devices operating in Vietnam by card payment organizations to meet the standards of card facilities. with local chip to match. the actual progress of the implementation in converting the number of devices that accept bank cards.

According to statistics from the Banco del Estado, at the end of the third quarter of 2020, there are more than 93.78 million national cards in circulation, mainly national debit cards (ATMs).

According to the State Bank roadmap for converting ATM cards from magnetic cards to national chip cards, there will be tens of millions of customer cards that will need to be converted. Recently, banks have issued new cards to local chip card customers, but not many customers are using magnetic cards to convert to chip cards.

Some banks even continue to issue new ATM cards for customers with magnetic cards, which are not as secure as domestic chip cards …