FREE CONVERT TO DOMESTIC DEBIT CHIP CARD WITH VCCS STANDARDS – SECURED INFORMATION, EASY PAYMENT

Implementing Circular 22/2020/TT-NHNN on converting magnetic card technology to chip card technology, in order to increase security and improve the experience of using bank card products, Vietnam - Russia Joint Venture Bank (VRB) officially launches the domestic debit card (ATM) according to the basic domestic chip card standard (collectively referred to as VCCS card) and made a free conversion from magnetic card to chip card for VRB’s cardholders in 3rd quarter of 2021.

In addition to the features of the magnetic card, the domestic debit chip card with VCCS standards is equipped with a chip and a modern contactless payment feature. Preventing frauds, stealing card information (skimming) with Chip
To prevent frauds and card information theft, VCCS domestic chip cards use the ability to store and encrypt information with maximum security. Each time a transaction is made, the chip refreshes the data with a unique encrypted string for this transaction and does not appear again for the others. When combined with the customer's PIN, the possibility of skimming is minimized.

At the same time, according to VCCS standards, the card will limit the risks of fraud and forgery in card payment and ensure the safety payment for customers.

One-touch payment with modern technology
The VCCS domestic chip card is added the Contactless feature. This function is identified by the wave column symbol on the front of the card. Accordingly, instead of swiping the card, customers just need to put close/ touch/ wave the card on a card accepting device (POS machine) to complete the transaction. This feature is especially convenient for small value transactions and in the future will be widely deployed in the fields of public transport, parking....

Contactless limit without PIN is 500,000 VND. For transactions with a value of less than VND 500,000 or the accumulated value of transactions since the last PIN entry is less than VND 500,000, customers only need to touch the card or bring the card near a POS device to complete the transaction. .

Free convert to VCCS domestic chip card for existing VRB customers
In order to improve the card usage experience, VRB charges no fee to convert magnetic cards to chip cards with VCCS standards for all customers.
As of July 15, 2021, the bank has implemented testing on technical environments, aggregating current card data, and is expected to complete the chip card conversion in the 3rd quarter of 2021.

To register for card conversion, please contact VRB branch/ transaction office or hotline (free) 1800 6656 for support.