Headlines 02/12/2021 10:12 SA

SBV: Magnetic stripe ATM cards remain in service after December 31, 2021

Quý Nguyễn

The State Bank of Vietnam issues the Official Dispatch No. 8458/NHNN-TT regarding application of basic standards for domestic chip cards.

According to this document, there are none of regulations on termination or rejection of transactions via domestic magnetic stripe cards currently in use (unexpired) that are issued by card issuers in Vietnam.

Concurrently, there is none of regulations on refusal to accept transactions performed via domestic cards currently in use.

Thus, SBV requests its relevant units to take communication actions to help clients be aware of the following information:

Magnetic stripe cards currently in use that have not yet been replaced by chip cards after December 31, 2021 remain in service for card transactions performed at ATMs, POS, internet banking, mobile banking channels and customer counters.   

The Official Dispatch No. 8458/NHNN-TT is issued on November 30, 2021.

Schedule for replacement of magnetic stripe ATM cards by chip ATM cards that is prescribed in the Circular No. 41/2018/TT-NHNN (amended and supplemented by Circular No. 22/2020/TT-NHNN) is as follows:

    Article 27a. Transformation schedule designed for card acquirers

    1. By December 31, 2019, at least 35% and 50% of active ATMs and card processing devices, respectively, at points of sales endorsed by acquirers in Vietnam must comply with the Base Standards for domestic chip cards.

    2. By December 31, 2020, 100% of active ATMs and card processing devices at points of sales endorsed by acquirers in Vietnam must comply with the Base Standards for domestic chip cards.”

    Article 27b. Transformation schedule designed for card issuers

    1. By December 31, 2019, at least 30% of active cards of card issuers with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards.

    2. By December 31, 2020, at least 60% of active cards of card issuers with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards.

    3. By December 31, 2021, 100% of active cards of card issuers with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards.

    4. As of March 31, 2021, card issuers issuing cards with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards.

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