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blue-check After January 1st, 2022: Magnetic ATM cards are still used to perform card transactions

Dispatch No. 8458/NHNN-TT dated November 30th, 2021 of the State Bank regarding implementation of basic standards for domestic chip cards
Posted: 1/12/2021 3:40:17 PM | Latest updated: 27/12/2021 1:45:27 PM (GMT+7) | LuatVietnam: 5346 | Vietlaw: 546
VietlawOnline

In response to information about magnetic ATM cards will be officially discontinued and not accepted at transaction points nationwide from January 1st, 2022, the State Bank promptly promulgates the document to affirm that these magnetic cards shall be still used to perform card transactions after January 1st, 2022.

With regard to regulations on converting magnetic cards into chip cards at Circular No. 41/2018/TT-NHNNstatus2 , the State Bank notes that this Circular only provides for roadmap requiring banks that from March 31st, 2021 must stop issuing magnetic cards and transfer to issue chip cards. There is no regulation according to which the magnetic cards (which are being used) shall not be accepted to perform card transactions from January 1st, 2022.

Accordingly, in principle, after January 1st, 2022, magnetic cards (which remain valid) can be further used perform card transactions at ATMs, POSs, through Internet channels (e.g. Internet Banking), and mobile phones (e.g. Mobile Banking), etc.

However, the State Bank also encourages card holders to soon carry out procedures for converting magnetic cards into chip cards in order to approach the superior features and safety of chip cards.

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Published Vietlaw's Newsletter No. 546
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