Pandemic delays chip card conversion plans Business

Pandemic delays chip card conversion plans

Banks have embarked on the conversion of magnetic payment cards into chip cards for greater security, but the COVID-19 pandemic has significantly slowed down their efforts, making it difficult for them to meet the deadline.
Banks issues more chip cards for security Business

Banks issues more chip cards for security

Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations.
First domestic chip cards launched Business

First domestic chip cards launched

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.
mPOS mobile card payment leads payment channels in 2018 Business

mPOS mobile card payment leads payment channels in 2018

2018 was the year witnessing the outstanding development of the new payment method via mPOS device. There was 27,500 places accepting payment via mPOS, posting 99 percent year-on-year increase, according to the Vietnam Bank Card Association (VNBA).
Central bank issues roadmap for ATM card upgrades Business

Central bank issues roadmap for ATM card upgrades

Under a new regulation, commercial banks will have to switch 30 percent of their current magnetic strip ATM cards – more than 25 million in total – to chip cards by the end of this year to enhance safety and service quality.
Banks to hike service fees this month Business

Banks to hike service fees this month

After two months postponing the increase in service fees for ATM cash withdrawals as required by the central bank, some commercial banks have now resumed the plan, announcing that a new service fee framework will apply from the middle of this month.
Hanoi to develop non-cash payments Business

Hanoi to develop non-cash payments

The Hanoi People’s Committee recently issued a plan to develop non-cash payments, urging all supermarkets and restaurants to put in place cashless payment devices or systems by 2020.
Malaysian firm to partner with Vietnam Business

Malaysian firm to partner with Vietnam

MPOS Vietnam Technology Joint Stock Company and Malaysia’s payment service provider GHL Systems Berhad signed a strategic cooperation agreement on electronic payments in Hanoi on November 8.
Bank card market sees strong growth Business

Bank card market sees strong growth

The bank card market in Vietnam has seen remarkable development in all activities of issuance, payment, card usage, and network growth over the past few years.
Non-cash payment method gets popular Business

Non-cash payment method gets popular

Non-cash payment has gradually become a trend in Vietnam as cash-used expense saw a remarkable reduction, according to the State Bank of Vietnam’s Payment Department.