The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) announced 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 enhance 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.

Many other commercial banks also recommend that customers quickly switch from magnetic cards to chip cards to avoid interruptions when making transactions such as withdrawing money, paying or transferring money via ATM, POS and electronic banking channels.

According to the State Bank's roadmap, all commercial banks must complete the cessation of magnetic stripe cards and switch to domestic chip cards by 2025. The implementation of the conversion has been accelerated in recent years to improve security, limit fraud risks and protect customer information.

Source: https://nld.com.vn/nhieu-ngan-hang-thong-bao-thoi-diem-ngung-giao-dich-the-tu-atm-196250501113336647.htm