Sacombank issues first domestic chip card

Thursday, May 30, 2019 15:15

Sacombank Plus debit card with EMV chip. Sacombank is one of the first seven banks in Viet Nam authorised to issue domestic cards using EMV chip technology. — Photo courtesy of Sacombank

Sacombank is one of seven banks eligible to issue domestic cards using EMV chip technology, which optimizes the security of card information and enables contactless payment, a ceremony held to announce the adoption of the Vietnam Chip Card Specifications by the National Payment Corporation of Vietnam on May 28 heard.

The bank will start by issuing Plus debit cards with the chip and then Family credit cards under the State Bank of Viet Nams roadmap to replace 30 per cent of magnetic stripe cards with chip cards this year.

Since 2017 the bank has been installing POS NFC machines that accept contactless payment at merchants nation-wide in anticipation of the introduction of chip cards.

Plus debit card with an EMV chip is an electronic chip card meeting the international card organizations standards and has the ability to store and encrypt information with high security to minimise fraud and fake transactions.

Customers just need to touch or wave the card near the POS NFC machine for a few seconds to complete their payment, and do not need to sign bills of VND1 million or less.

Plus debit card is connected to customers current accounts at Sacombank, and allows them to use money in the account to make payments and withdrawals anywhere in the country and interbank money transfers and shop online.

Sacombank is ready to issue chip cards to customers.

In the first quarter of this year Sacombank became the first bank to successfully deploy QR code payment on domestic debit cards after pioneering it for international cards in 2017.

Thus, instead of using a plastic card, cardholders can download the Sacombank Pay application from App Store / Google Play to their mobile devices to scan QR codes to make payments at accepting merchants or withdraw money at Sacombank ATMs.

The Sacombank Pay financial management app also provides customers with interesting experiences in digital banking such as connecting domestic and international cards of all banks; easy top-up and transfer of money to the application; transfer of money to any recipient through accounts, cards, mobile phone numbers, or personal QR codes; actively managing cards and accounts; making bills payments; and searching for transaction points, ATMs and the latest promotions.

For more information, please contact hotline 1900 5555 88 or 028 3526 6060 or access the banks website at — VNS

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