HCMC – Customers can continue to use magnetic stripe ATM cards for transactions at ATMs, point-of-sale (POS) and bank counters, and for internet and mobile banking services after December 31 this year, according to the State Bank of Vietnam (SBV).
SBV, the country’s central bank, yesterday, November 30, issued a dispatch on the implementation of standards for domestic chip cards, saying that its amended and supplemented Circular 19/2016 requires banks to switch from issuing magnetic stripe cards to chip cards as from March 31 next year.
The central bank noted that the Circular makes no mention of a suspension of transactions using magnetic stripe cards that remain valid.
SBV asked card issuers and card payment organizations to ensure card holders’ transactions are carried out smoothly, safely and do not affect the interests of cardholders. They were also asked not to issue policies and regulations that go against the law on bank card operations.
In addition, they were told to launch media campaigns to inform their customers that magnetic stripe cards can still be used after December 31 this year, and that holders of those cards are encouraged to switch to using chip cards.