New steps to speed up replacement of magnetic strip ATM cards

January 02, 2023

The National Payment Corporation of Vietnam (NAPAS) has announced a fee reduction for its local switching system services with an aim to encourage banks replacing their current magnetic strip ATM cards with chip cards ahead of schedule. Then they must increase the ratio of chip cards to at least 60 percent by 2020. This means at least 51 million cards will use chip technology. The regulation will ensure the country has completely switched to chip cards by the end of 2021. They will have to upgrade their technology and replace ATMs and POS terminals with newer ones that are compatible with chip cards.

The source of this news is from VIETNAM ECONOMIC NEWS