The Vietnam Bank Card Association, in collaboration with the National Payment Corporation of Vietnam (NAPAS) and 7 commercial banks, launched the first domestic chip cards on May 28.
Hanoi (VNA) – The VietnamBank Card Association, in collaboration with the National Payment Corporation of Vietnam (NAPAS) and 7 commercial banks, launched thefirst domestic chip cards on May 28.
The 7 banks involved in thescheme are Vietcombank, Vietinbank, BIDV, Agribank, Sacombank, TPBank andABBank.
Deputy Governor of the StateBank of Vietnam Nguyen Kim Anh said the switch from magnetic strip cards tochip cards is one of the key solutions to promote non-cash payment.
He noted that this is also aninevitable trend in the region and the world in the context of rising hi-techcrimes.
Vietnam currently has about 76million cards issued by 48 banks. The chip cards are believed to help reducerisks on card-related crimes and increase payment safety for customers.
TheSBV plans to have at least 30 percent of active cards in the country meetingthe domestic chip card standards by the end of 2020. The number will rise to 60percent by the end of 2021 and 100 percent by the end of 2022.-VNA
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Illustrative image (Source: internet) 
