Contactless payment technology
A contactless chip card, also known as a contactless card, is a type of smart card whose body contains a chip and a hidden antenna line. Transaction data is stored on the chip and the cryptogram changes with each transaction. This is the fundamental difference between a chip card and a magnetic stripe card, increasing security in card payments.
Vietcombank is one of the seven pioneering banks to deploy chip cards. Up to now, Vietcombank is one of the leading banks in terms of the number of chip cards in circulation on the market.
To increase security, prevent information theft and protect cardholders. Currently, Vietcombank applies contactless chip technology to all of the Bank's card products.
With contactless payment technology, cardholders make transactions by placing/touching/waving the card on a card reader (POS) with the symbol without having to sign a card receipt for transactions worth less than 1 million VND, without worrying about disclosing card information to the cashier.
With contactless Chip cards, customers can also link to the most popular wallet applications with global payment capabilities such as: Apple Pay, Google Pay, Samsung Pay. Especially through integrated contactless payment devices or even through the phone, Vietcombank has launched the VCB Tap to Phone application, turning the phone into a compact and extremely convenient contactless payment device.
New shopping experience with Vietcombank Chip Contactless card
Shopping today is not just about buying household necessities, now shopping is an activity with entertainment experience, or in other words, shopping has become an important entertainment feature in people's daily lives.
With Vietcombank Chip Contactless card, card users will have a completely new shopping experience with super easy payment method, saving time while still ensuring security even with the smallest transactions that previously required using small change.
Ms. Ha Vy in Hanoi shared: “ I switched to a chip card as soon as I saw the bank launch the conversion in 2021. When using a chip card, I was really amazed by the convenience it brings. When I need to buy things at convenience stores, I just need to lightly touch the payment machine and it's done. Recently, I also used a contactless chip card to buy gas. The payment is very fast, I don't make the people in line behind me wait long, shopping is easier and more convenient ."
When paying with a Vietcombank Chip Contactless card, the cardholder does not need to hand the card to the cashier, but only needs to touch the card to the payment acceptance device with the contactless symbol and complete the transaction. For bills with a small value of less than 1 million VND, customers do not need to sign the card bill, this reduces payment procedures and saves time.
Contactless chip cards create a new era because of its convenience and safety, contactless payment acceptance points have become popular in Vietnam. Currently, up to 98% of payment devices at points of sale around the world have integrated contactless payment features.
Contactless chip card technology with many convenient payment features has made an important contribution to promoting cashless payments in Vietnam and is in line with the general trend of many markets around the world, with the goal of enhancing security for customers.
Switching to chip cards is free, simple, and fast with Vietcombank. Vietcombank encourages customers to switch to chip cards early to increase security and safety while meeting the card technology regulations of the State Bank and the International Card Organization, while enjoying the convenience and improving the quality of life from Vietcombank contactless chip cards.
There are two ways to convert a magnetic card to a contactless chip card as follows:
Method 1: Convert on VCB Digibank: applies to debit cards with specific steps as follows:
Method 2: Convert at Vietcombank Branch/Transaction Office: conversion applies to all types of cards.
Continuing to respond to the cashless trend, contributing to bringing the banking system's cashless payment ecosystem closer to the public, Vietcombank is currently implementing free conversion of magnetic cards to Chip cards.
To avoid incurring a magnetic card maintenance fee, customers should convert to a chip card. Vietcombank will refund the fee to the Customer in case the Customer converts and/or locks the magnetic card within 03 months from the date of fee collection (applicable to both customers converting at the counter and on Digibank digital banking service - applicable for the first conversion).
Bao Anh
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