BANKS ARE REQUIRED TO ISSUE CHIP CARDS FROM MARCH 31, 2021
On December 31, 2020, the State Bank of Vietnam issues the Circular No. 22/2020/TT-NHNN on amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 by the Governor of the State Bank of Vietnam on bank card operations.
Specifically, the deadline for 100% acquirers’ automated teller machines (ATM) and point of sale (POS) machines operating in Vietnam to comply with basis standards for domestic chip cards is changed to December 31, 2021 instead of December 31, 2020 as in previous regulations.
Besides, from March 31, 2021, organizations issuing cards with BIN (bank identification number) granted by the State Bank must comply with basis standards for domestic chip cards.
This Circular takes effect on February 16, 2021.
