Headlines 11/01/2019 08:40 SA

Standardization of bank chip cards is on the way

Trọng Nhân

On December 28, 2018, the State Bank promulgated the Circular No. 41/2018/TT-NHNN amending and supplementing the Circular No. 19/2016/TT-NHNN prescribing bank card services. The Circular prescribes the followings:

Inserting the definition of “Basic standards of domestic chip cards” that refers to a set of fundamental standards of bank chip cards which has been released by the State Bank under the Decision No. 1927/QD-NHNN dated October 5, 2018.  

Card-issuing organizations must ensure that their cards carrying card-issuing bank identification numbers (BIN) issued by the State bank meet basic standards of domestic chip cards according to the following schedule:

- By December 31, 2019, at least 30% of active cards meet the aforesaid standards;

- By December 31, 2020, at least 60% of active cards meet the aforesaid standards;

- By December 31, 2021, at least 100% of active cards meet the aforesaid standards.

Also, by end of 2020, card payment organizations must ensure that all ATMs and point-of-sale terminals at points of sale operating within Vietnam satisfy basic standards of domestic chip cards.

In addition, with regard to cards carrying BIN provided by international card organizations, fulfillment of the requirement concerning the transfer switch of transactions through a portal licensed by the State Bank will be extended to January 1, 2020.   

Amendments and supplements are meant to standardize legislative regulations on standards of bank chip cards and serve the purpose of implementation of the 2015 Plan No. 16/KH-NHNN regarding transformation of bank cards from magnetic cards into integrated circuit cards.

The Circular No. 41/2018/TT-NHNN will take effect on February 18, 2019.

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