Will ATM Chip Cards Be Used Anymore in 2022?
According to Article 27b Circular 41/2018/TT-NHNN (as amended and supplemented by Article 1 of Circular 22/2020/TT-NHNN), the card conversion roadmap is stipulated as follows:
By December 31, 2019, at least 30% of the cards with BINs issued by the State Bank of Vietnam in circulation by the Issuing Organization must comply with the Base Standard on domestic chip cards.
By December 31, 2020, at least 60% of the cards with BINs issued by the State Bank of Vietnam in circulation by the Issuing Organization must comply with the Base Standard on domestic chip cards.
By December 31, 2021, 100% of the cards with BINs issued by the State Bank of Vietnam in circulation by the Issuing Organization must comply with the Base Standard on domestic chip cards.
From March 31, 2021, the Issuing Organizations performing card issuance with BINs issued by the State Bank of Vietnam must comply with the Base Standard on domestic chip cards.
Thus, by January 1, 2022, ATMs and other card-accepting devices will only accept transactions using chips in accordance with the regulations. Therefore, other old model cards without chips (magnetic stripe cards) will not be accepted and cannot be used anymore.
Sincerely!
