What types of ATM cards will there be in 2024 in Vietnam? What information is needed on an ATM card in Vietnam?

What types of ATM cards will there be in 2024 in Vietnam?

According to Clause 1, Article 3, Circular 19/2016/TT-NHNN supplemented by Clause 1, Article 1, Circular 26/2017/TT-NHNN, Clause 1, Article 1, Circular 41/2018/TT-NHNN, Clause 1, Article 1 Circular 28/2019/TT-NHNN regulates bank cards as follows:

Interpretation of terms

For the purposes of this Circular, these terms below shall be construed as follows:

1. Bank card means an instrument issued by a card issuer for conducting card transactions under the conditions and terms agreed upon by the involved parties.

Cards regulated in this Circular do not cover types of cards issued by good suppliers or service providers for the purpose of use in the payment for goods and services for the card issuers themselves.

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ATM cards are a means of payment issued by organizations to perform transactions. Currently, ATM cards include the following types:

- Debit card is a card that authorizes its holder to conduct card transactions within the amount of money available and overdraft limit (if any) on the payment deposit account of the cardholder opened at a card issuer.

- A credit card is a card that authorizes its holder to conduct card transactions within the credit limit granted under the agreement with the card issuer.

- Prepaid card is a card that authorize its holder to conduct card transactions within the value limit deposited to the card corresponding to the amount of money already prepaid by its holder to the card issuer. Prepaid cards include:

+ Personalized prepaid card (identifying the cardholder) 

+ Anonymous prepaid card (not identifying the cardholder).

What types of ATM cards will there be in 2024 in Vietnam? What information is needed on an ATM card in Vietnam? (Image from the Internet)

What information is needed on an ATM card in Vietnam?

Pursuant to Article 12 of Circular 19/2016/TT-NHNN, amended and supplemented by Clause 4, Article 1, Circular 26/2017/TT-NHNN, amended by Clause 3, Article 1, Circular 28/2019/TT-NHNN regulates information on cards as follows:

1. Information on a card must contain:

a) Name of the card issuer (abbreviated name or trade logo). In case abbreviated names or trade logos of multiple organizations (such as the card issuer, a card issuance partner of the issuer, a switching organization, an international card association and relevant parties) appear on the card, it shall be made clear that the card is issued by the card issuer (or is property of the card issuer) to avoid confusion;

b) Name of switching company of which the card issuer is a member (abbreviated name or trade logo), excluding cards which do not have feature to make payments via switching services provided by switching companies;

c) Name or brand name of the card (if any);

d) Card number;

dd) Validity period (or the validity date) of the card;

e) Full name of the cardholder being individual; or name of the cardholder being organization and full name of the person who is authorized to use the card on behalf of the organization. This provision does not apply to anonymous prepaid cards.

In addition, on each ATM card there may also be some other information of the card issuer in accordance with legal regulations in Vietnam.

Are ATM cards a means of payment in the banking sector in Vietnam?

The apartment stipulates Article 7 of the Regulations on domestic payment activities through the Vietnam Development Bank, Decision 40/QD-HDQL in 2006, regulating payment means as follows:

Payment means

Payment methods include:

1- Cash: is paper money and metal money issued by the State Bank, used as a means of payment in the territory of Vietnam.

2- Check: is a payment order made by the account holder in accordance with the law and according to the form of the Vietnam Development Bank, requesting the Vietnam Development Bank to deduct an amount of money from the payment deposit account of the customer. to pay to the beneficiary named on the check or to the holder of the check.

3- Payment order or authorized payment: is a payment instrument prepared by the payer according to the form of the Vietnam Development Bank, sent to the Vietnam Development Bank where the payer opens an account, and requests the Development Bank to Vietnam Development deducts a certain amount of money from its account to pay the beneficiary.

4- Collection authorization or collection: is a payment instrument prepared by the beneficiary according to the form of the Vietnam Development Bank, sent to the Vietnam Development Bank to entrust the collection of a certain amount of money.

5- Other means of payment such as bank cards, drafts, promissory notes... according to the regulations of the State Bank and relevant laws.

Thus, according to the law, ATM cards or bank cards are one of the means of payment in the banking sector in Vietnam.

Besides, there are also a number of other payment methods such as:

- Cash

- Check

- Payment order or authorized payment

- Collection authorization or collection

And a number of other payment means prescribed by the State Bank in Vietnam.

Best regards!