On 28/12/2018, The State Bank of Vietnam has issued Circular No. 41/2018/TT-NHNN amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN regulations on bank card operations. This Circular will take effect from 18/02/2019.
Accordingly, Circular No. 41/2018/TT-NHNN regulates the process for converting ATM cards to chip cards as follows:
For card payment organizations: As of December 31, 2019, at least 35% of ATMs, 50% of card acceptance devices at the point of sale are operating in Vietnam of card payment organizations comply with the Basic Standard for domestic chip cards. As of December 31, 2020, 100% of ATM and card acceptance equipment at the point of sale operating in Vietnam of card payment organizations comply with the Basic Standard for domestic chip cards.
For card issuers: By December 31, 2019, at least 30% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards. By December 31, 2020, at least 60% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards. By December 31, 2021, 100% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards
During the transition period, card issuers and card payment organizations must ensure card activities take place continuously, stably, safely and ensure the legitimate rights of cardholders.
It can be seen that Circular No. 41/2018/TT-NHNN with clear regulation on the process of changing from ATMs to chip cards aims to enhance security, safety, security in bank card operations, facilitate the increase of features and utilities for cardholders.