03.01.19
The State Bank of Vietnam has just officially released the first Vietnam Chip Card Specifications (VCCS). Announced in October, VCCS is a set of standards developed by National Payment Corporation of Vietnam (NAPAS), with support from Gemalto. With VCCS, which was devised specifically for EMV cards used in Vietnam, the new domestic ATM and Debit cards will reduce card-present fraud resulting from counterfeited, lost and stolen cards in the country.
By the end of 2017, 54.6% of all cards issued globally were EMV-enabled, and this number is expected to continue growing. Vietnam currently has 70 million magnetic stripe cards in circulation and is in the process of migrating to EMV cards.
“Apart from the usual payment needs by the consumers, the new dual-interface EMV cards will also be used for transport in the near future, potentially allowing us to leapfrog into other payment applications,” said Nguyen Quang Minh, deputy CEO for NAPAS, Vietnam.
By the end of 2017, 54.6% of all cards issued globally were EMV-enabled, and this number is expected to continue growing. Vietnam currently has 70 million magnetic stripe cards in circulation and is in the process of migrating to EMV cards.
“Apart from the usual payment needs by the consumers, the new dual-interface EMV cards will also be used for transport in the near future, potentially allowing us to leapfrog into other payment applications,” said Nguyen Quang Minh, deputy CEO for NAPAS, Vietnam.
