In order to comply with the roadmap for converting domestic cards from magnetic to chip technology as prescribed by the State Bank, many commercial banks have announced plans to stop supporting transactions using magnetic cards.

Specifically, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said that from July 1, all transactions via magnetic stripe on domestic debit cards issued by the bank will be suspended. This decision is to comply with the regulations of the State Bank and improve transaction safety.

ATM cards with only magnetic stripe (without integrated chip) will not be supported for transactions after the above time. Vietcombank encourages customers to go to transaction points or use VCB Digibank application to convert to chip cards for free.

Similarly, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) also announced that it will stop supporting magnetic stripe card transactions from June 30. Customers can switch to chip cards for free via the SmartBanking app or at BIDV branches.

The Vietnam Bank for Agriculture and Rural Development (Agribank) also announced that from July 1, it will stop processing transactions via magnetic strips on domestic cards issued by Agribank, and will not accept transactions using magnetic strips on domestic cards of other banks.

In addition to the three banks above, many other commercial banks are also actively implementing the conversion to chip cards and warning users to proactively do so to avoid interruptions when withdrawing money, making payments, and transferring money via ATMs, POS machines or electronic banking channels.

According to the State Bank's roadmap, the entire banking system will have to completely stop using magnetic cards and replace them completely with chip cards by 2025. This conversion is expected to help increase security and limit the risk of fraud in payments.

Source: https://baophapluat.vn/nhieu-ngan-hang-dung-giao-dich-bang-the-tu-tu-thang-72025-post547226.html