What did Vietcombank leaders say?

Regarding the adjustment of some service fees from July 1, 2023, Ms. Doan Hong Nhung - Deputy Director of Vietcombank Retail Division shared details related to this change.

Adjusting some service fees: What do Vietcombank leaders say? - 1 — Ms. Doan Hong Nhung - Deputy Director of Vietcombank Retail Division.

- It is known that Vietcombank will adjust some service fees from July 1, 2023. Can you provide detailed information and objectives of this fee adjustment?

Vietcombank will adjust some types of card-related service fees from July 1, 2023, including some groups with the aim of encouraging customers to switch from magnetic cards to chip cards, while encouraging customers to transact on digital channels.

Accordingly, Vietcombank applies a technology debit card maintenance fee of VND 10,000/card/month. This fee only applies to customers who have not converted their magnetic card to a chip card and customers will be refunded this fee when converting to a chip card and/or locking the magnetic card within 3 months from the date of fee collection.

Vietcombank wants to encourage customers to soon switch to chip cards to increase security and safety while meeting the card technology regulations of the State Bank and the International Card Organization.

To facilitate customers' card conversion, Vietcombank is currently providing a variety of conversion channels for customers including counter channels and digital channels. Customers can easily convert cards online on VCB Digibank and choose to receive the card at the customer's address in Vietnam completely free of charge.

In addition, from July 1, 2023, Vietcombank will apply card activation fees at the counter, direct card delivery fees, and physical card termination fees to encourage customers to switch to digital channels, while reducing costs for customers and society, saving time and contributing to environmental protection.

Customers can register for free issuance and use Vietcombank's non-physical card products to experience the card's benefits on digital channels with the outstanding advantage of not having to wait for card issuance but can use the card immediately after registration easily, conveniently and quickly.

Customers can also easily and proactively activate their cards for free on digital channels such as VCB Digibank and SMS Banking, which is convenient, fast, and ensures safety for customers when using their cards. This is also a common trend of banks in the market to direct customers to use card products on digital channels, creating convenience and safety for customers.

In order to improve customer service quality and provide maximum support to customers during card usage, as part of these fee changes, from July 1, 2023, Vietcombank will waive the verification fee for domestic card transactions issued by Vietcombank instead of the current fee of VND 50,000/transaction for domestic cards (including VAT).

As for the fee for not paying the minimum payment amount, Vietcombank does not adjust the applicable fee rate but only adjusts the minimum fee to match the general market level.

- The conversion from magnetic cards to chip cards is considered a goal of the bank, so can you tell us the difference of chip technology cards and why customers should convert magnetic cards to chip technology?

In order to increase the security and optimize the utility of card products, Vietcombank always strives and is ready to support customers to convert Vietcombank Debit and Credit cards from magnetic technology cards to contactless chip technology cards (Chip contactless) for free.

Magnetic stripe cards are cards that contain a magnetic stripe that stores the customer's encrypted information. The data on the magnetic stripe card is stored permanently on the magnetic stripe (back of the card) and is only encrypted once, so it is easy to lead to the risk of card information theft and transaction fraud.

Chip cards are also known as "smart cards". The card has a microchip attached to the card surface, and this is the basic difference between chip cards and magnetic stripe cards. For chip cards, transaction data includes data stored permanently on the chip (front of the card) and transaction passwords that change with each transaction. Currently, Vietcombank applies contactless chip technology to all of the bank's card products.

Chip card technology is widely used around the world and has proven effective in reducing fraud in card transactions.

In addition, chip card technology is also integrated with convenient payment features, contributing significantly to promoting cashless payments. Specifically, with contactless chip card technology, customers will experience fast - convenient - safe payment methods, suitable for small transactions where customers previously used cash such as supermarkets, convenience stores, fast food restaurants, cafes, etc.

For contactless transactions, the cardholder simply taps the card on the payment acceptance device with the symbol and completes the transaction. Especially for small value bills, customers do not need to sign the card bill.

In the future, contactless Chip cards will be deployed to apply contactless payments in many different fields such as smart transportation, parking lots... supporting changes in people's payment habits, aiming towards the goal of a cashless society.

- Can you share more about Vietcombank's product strategies this year to meet customer needs?

Consistent with these goals, on June 21, Vietcombank launched the non-physical card product VCB DigiCard, which completely waives issuance and annual fees along with many incentives. This is a card product built on a digital platform.

Customers can register to open a card right on VCB Digibank mobile application, on the website or via EKYC online identification. In the near future, we will also launch a series of Chip contactless technology card products that are improved from current card products and have many additional features and diverse incentives, suitable for customers' needs.

At the same time, we have been and are continuing to develop digital payment channels to establish a network and digital ecosystem in issuing and using customer cards to bring convenience and optimize customer experience.

Bao Anh

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