Magnetic card transactions to stop and switch to chip cards

In recent days, many banks have continued to issue notices about suspending transactions for cases that have not yet converted from magnetic cards to chip cards to enhance security and comply with regulations of the State Bank.

Accordingly, banks such as Bank for Agriculture and Rural Development of Vietnam (Agribank), Bank for Investment and Development of Vietnam (BIDV), Military Commercial Joint Stock Bank (MB), and Saigon - Hanoi Commercial Joint Stock Bank (SHB)... said that in order to avoid disruption of transactions such as depositing/withdrawing money at ATMs/CDMs, making payments at card payment acceptance units, and making transactions at ATMs/CDMs of other banks.

The conversion can be done on the banking application or the bank will support customers to convert completely free of charge at the bank's branches/transaction offices. Customers can switch to domestic chip cards before the deadline in July 2025, after which transaction support for cardholders will stop. During the process of eliminating magnetic cards and switching to chip cards, banks all affirm that they do not require customers to provide any information or card images/identity documents via SMS/Zalo/Email to cancel cards, replace cards or perform other card operations. Therefore, cardholders should never provide personal information to others.

According to banks, switching to chip cards helps customers increase security and enjoy many benefits. This card has smart payment feature (Contactless) - Contactless payment technology helps transactions to be carried out quickly, safely and conveniently. Customers simply tap their card on POS machines that accept one-touch payments to make a transaction.

Reported by Thanh Hong - Translated by Ngoc Huynh