What does Vietcombank say about adjusting some service fees from July 1?

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 following goals:

Firstly, encourage customers to convert magnetic cards to chip cards. 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 magnetic cards to chip cards and customers will be refunded this fee when converting to chip cards and/or locking magnetic cards within 03 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.

Vietcombank nói gì về điều chỉnh một số loại phí dịch vụ từ 1.7? - Ảnh 1.

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.

Second, encourage customers to transact on digital channels. Accordingly, Vietcombank applies 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...

Third, in order to improve the quality of customer service and provide maximum support to customers during the card usage process, 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 verification for domestic cards (including VAT). Particularly for the fee for not paying the minimum payment amount: Vietcombank will not adjust the applicable fee rate but only adjust the minimum fee to match the general market level.

The conversion from magnetic stripe 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 stripe 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.

Comparing magnetic stripe technology cards and chip technology can be understood simply as follows: magnetic stripe cards are cards that contain a magnetic stripe with the task of storing the customer's encoded information. The data on the magnetic stripe card is stored permanently on the magnetic stripe (back of the card) and is only encoded 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 embedded on the surface of the card, 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 has applied contactless chip technology to all of the bank's card products. Chip card technology has been widely used in the world and has proven to be effective in reducing fraud in card transactions. For contactless transactions, cardholders only need to tap the card on the payment acceptance device with the symbol and complete the transaction. Especially for small value bills, customers do not need to sign the card bill...

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 VCB DigiCard non-physical card product, which is completely free of issuance fees 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 the VCB Digibank mobile application, on the website or via EKYC online identification. In the near future, we will also launch a series of contactless chip technology cards that are improved from current card products and have added many 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 customers' cards to bring convenience and optimize customer experience.

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