By December 31, 2021, all payment cards in the circulation of Vietnamese card issuers must comply with the basic standard on domestic chip cards. Therefore, after this date, magnetic technology ATM cards will be discontinued and not accepted at transaction points nationwide; Instead, it's an ATM card with a chip
Article table of contents
After December 31, 2021, magnetic ATM cards will not be used (Artwork)
From 2022, magnetic ATM cards will not be accepted at payment points/devices in Vietnam
In Clause 2, Article 27a of Circular 19/2016/TT-NHNN of Vietnam (amended and supplemented by Circular 41/2018/TT-NHNN, Circular 22/2020/TT-NHNN) stipulates as follows:
By December 31, 2021, 100% of ATMs and card-accepting devices operating in Vietnam of card payment organizations in Vietnam comply with the Basic Standard on domestic chip cards.
Therefore, from December 31, 2021, 100% of ATM cards operating in Vietnam must be in the form of chip cards, the type of magnetic card that was commonly used before, officially "dead" and no longer accepted for use at ATMs and other payment points/devices.
The bank will stop issuing magnetic ATM cards from March 31, 2021 (Artwork)
Official: The bank will stop issuing magnetic ATM cards in Vietnam from March 31, 2021
In Clause 2, Article 1 of Circular 22/2020/TT-NHNN of Vietnam, Clause 4 is added to Article 27b (added according to the provisions of Clause 5, Article 1 of Circular 41/2018/TT-NHNN amending and supplementing some Article of Circular 19/2016/TT-NHNN) stipulates:
From March 31, 2021, card issuers that issue cards with BIN (card issuer code) issued by the State Bank must comply with the Basic Standard on domestic chip cards.
As such, the bank will officially stop issuing cards from ATMs from March 31, 2021. That is, from March 31, 2021, people who go to work with an ATM card will be issued an ATM card with a chip, while the magnetic card that has been issued before and is being used up to now, then you need to change to a chip card before December 31, 2021.
Currently, the State Bank of Vietnam does not have specific regulations on the procedure for changing ATM cards from technology to chip cards but complying with each bank's own regulations.
Bao Ngoc
