The National Payment Corporation of Vietnam (NAPAS) recently completed the building of a standard set for domestic cards (Photo: TPBank)Hanoi (VNA) - The National Payment Corporation of Vietnam(NAPAS) recently completed the building of a standard set for domestic cards,according to State Bank of Vietnam (SBV).
The new set is compatible with EMV standards as well asstandards of international card organisations such as Visa, MasterCard, JCB andUnionPay.
NAPAS has handed over technical manuals to banks, point ofsale (POS) terminal suppliers and card-issuing institutions so that they canadjust their systems in line with the new standards.
With the new set, SBV expects 70 million bank cards inVietnam, which are magnetic stripe ATM cards and can be easily hacked due toweak security features, to be replaced by chip cards with EMV standards by 2020as planned.
Earlier, international card-issuing organisations hadrecommended Vietnamese banks to use chip cards meeting EMV standards toincrease safety amidst growing card information thefts. Security experts,meanwhile, have warned that Vietnam’s delayed transition to chip technology canput the country at risk of becoming a “haven” for card criminals from aroundthe world as it is among the few countries where the use of magnetic swipecards is still prevalent.
As a chip card costs some 1.5-2.5 USD, Vietnam’s leadingcard-issuing banks, such as Vietcombank with 14 million cards, VietinBank (13.7million cards), Agribank (11 million cards) and BIDV (10.4 million cards), willhave to spend nearly 50 million USD to shift to chip cards.-VNA
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