All Vietcombank card products have applied contactless payment technology.

Contactless chip cards are one of the most modern and beneficial payment methods. Currently, Vietcombank has applied contactless chip technology to all of the Bank's card products.

Toàn bộ sản phẩm thẻ Vietcombank đã được áp dụng công nghệ thanh toán không tiếp xúc - chip contactless

Vietcombank has applied contactless chip technology to all of the Bank's card products.

Since 2020, when the Covid-19 epidemic broke out in the US and many places around the world , contactless chip cards have attracted more attention than ever due to health and safety concerns from the Corona virus. Contactless payments help users avoid contact with payment devices that are considered potential vectors for spreading the virus, according to CNBC . If you have never used contactless payments before, you may want to start now to speed up the payment experience in shopping and at the same time ensure safety in terms of personal information leakage. So what are contactless chip cards? Why are they more secure? Where can we use them? Let's find out.

What is the difference between magnetic cards and contactless cards?

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. The antenna acts as an intermediary to receive and transmit radio waves between the card reader and the chip containing card data. Transaction data is stored on the chip (front of the card) and the cryptogram changes with each transaction, and this is the fundamental difference between a chip card and a magnetic strip card, ensuring the security of the chip card. Previously, a magnetic card was a card with a magnetic strip on the back of the card, and the data on the magnetic card was stored permanently on the magnetic strip (back of the card). Therefore, it is easy to lead to the risk of card information theft and transaction fraud.

Why should we convert magnetic technology cards to chip technology?

Converting cards from magnetic cards to chip cards is a common trend in many markets around the world, with the goal of enhancing customer security. Applying chip card technology standards will limit card information theft as well as other security risks. Contactless chip technology has been applied and developed rapidly in just a few years. According to Forbes magazine, in Europe, contactless chip cards have almost become the standard, applied 100% to newly issued cards. A recent study showed that 98% of payment devices at points of sale around the world have integrated contactless payment features. Contactless chip card technology has been widely used around the world and has proven to be effective in reducing fraud in card transactions. Card information transmitted to payment devices is encrypted, thereby minimizing the risk of card information disclosure. In addition, contactless 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, cardholders do not need to give the card to the cashier but only need to touch the card to the payment acceptance device with the contactless symbol and complete the transaction. Especially with small value bills, customers do not need to sign the card bill. Contactless payment has created a new era because of its convenience and safety, contactless payment acceptance points have also become popular in Vietnam through integrated contactless payment devices, or even through phones, as Vietcombank recently launched the VCB Tap to Phone application, turning the phone into a compact contactless payment device.

Compatible with mobile Wallet apps like Google Pay, Samsung Pay

Another equally prominent trend today is mobile wallet applications. These are applications that are built into mobile devices of major brands, allowing many modern smartphones to replace credit or debit cards. To use them, users simply activate the contactless payment capabilities of their smartphones, link them to installed accounts, and use their phones in the same way as you would a Touch to Pay card. Just hold the phone near the contactless payment device, and the transaction will be processed automatically. Among the most popular mobile wallets in use today is Google Pay – an application for devices using the Android operating system. These services work by connecting a credit or debit card from Vietcombank to the payment platform on your mobile phone. When users pay via the application, the service will act as a secure intermediary. However, the condition for linking cards with Wallet applications on phones, most banks now require the linked card to be a contactless chip card. FREE CARD CONVERSION - FREE CONTACTLESS CARD MAINTENANCE

Conversion methods:

1. Conversion on VCB Digibank: Applicable to debit cards with specific steps as follows:

- Step 1: Log in to VCB Digibank

- Step 2: Select Card service management

- Step 3: Select Issue/convert debit card

- Step 4: Register to convert debit card technology

- Step 5: Fill in card information and select Transaction Point, Card Receiving Point and press continue to complete.

Note: Once the registration procedure is successfully completed, the Customer will not be able to cancel the card technology conversion request.

2. At Vietcombank Branches/Transaction Offices: conversion applies to all types of cards

Vietcombank is currently implementing free conversion of magnetic cards to Chip cards. To avoid incurring maintenance fees for magnetic cards, customers should convert to chip cards. VCB will refund the fee to customers in case customers convert and/or lock magnetic cards within 3 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.

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