Payment innovation, touch to feel.

Contactless payment technology

Contactless chip cards, also known as contactless credit cards, are a type of smart card where the card body contains a hidden chip and antenna. Transaction data is stored on the chip, and the cryptogram changes with each transaction. This is the fundamental difference between chip cards and magnetic stripe cards, increasing security in card payments.

Vietcombank is one of the seven pioneering banks in deploying chip cards, and currently, Vietcombank is one of the leading banks in terms of the number of chip cards in circulation on the market.

To enhance security, prevent information theft, and protect cardholders, Vietcombank currently applies contactless chip technology to all of its card products.

With contactless payment technology, cardholders can complete transactions by placing/touching/waveing ​​their card near a point-of-sale (POS) device with the relevant symbol, without needing to sign a receipt for transactions under 1 million VND, and without worrying about disclosing card information to cashiers.

With a contactless chip card, customers can also link it to the most popular global payment wallet applications such as Apple Pay, Google Pay, and Samsung Pay. Especially through contactless payment devices or even via phone, Vietcombank has launched the VCB Tap to Phone application, transforming the phone into a compact and extremely convenient contactless payment device.

Experience a new shopping experience with your Vietcombank Chip Contactless card.

Shopping today is no longer simply about buying necessities for the family; it's now seen as an experiential activity with entertainment value. In other words, shopping has become an important recreational feature in people's daily lives.

With the Vietcombank Chip Contactless card, cardholders will have a completely new shopping experience with a super easy payment method, saving time while ensuring security even for the smallest transactions that previously required cash.

Ms. Ha Vy from Hanoi shared: “ I switched to chip cards as soon as I saw the banks launching the conversion program in 2021. When using chip cards, I was truly amazed by the convenience they offer. When I need to buy something at convenience stores, I just tap the card on the payment terminal and it's done. Recently, I even used a contactless chip card to buy gasoline; the payment was very fast, not making the people behind me wait long. Shopping is much easier and more convenient .”

When paying with a Vietcombank Chip Contactless card, cardholders do not need to hand their card to the cashier; they simply tap the card on the contactless payment terminal to complete the transaction. For small bills under 1 million VND, customers do not need to sign the receipt, reducing payment procedures and saving time.

Contactless chip cards have ushered in a new era due to their convenience and security, and contactless payment acceptance points have become commonplace in Vietnam. Currently, up to 98% of point-of-sale payment devices worldwide have integrated contactless payment functionality.

Contactless chip card technology, with its many convenient payment features, has played a significant role in promoting cashless payments in Vietnam and aligns with the general trend in many markets worldwide, aiming to enhance security for customers.

Switching to a chip card is free, simple, and fast with Vietcombank. Vietcombank encourages customers to switch to chip cards early to increase security and comply with the card technology regulations of the State Bank of Vietnam and international card organizations, while enjoying the convenience and improved quality of life with Vietcombank contactless chip cards.

There are two ways to convert magnetic stripe cards to contactless chip cards:

Method 1: Conversion via VCB Digibank: applicable to debit cards with the following specific steps:

Option 2: Conversion at a Vietcombank branch/transaction office: applicable to all card types.

Continuing to support the cashless trend and contributing to bringing the cashless payment ecosystem of the banking system closer to the public, Vietcombank is currently implementing a free conversion from magnetic stripe cards to chip cards.

To avoid incurring card maintenance fees, customers should convert to chip cards. Vietcombank will refund the fee to customers if they convert and/or block their magnetic stripe card within 3 months from the date the fee was collected (this applies to both customers converting at the counter and through the Digibank digital banking service - applicable for the first conversion).

Bao Anh

Source: https://vtc.vn/the-vietcombank-chip-contactless-doi-moi-thanh-toan-cham-de-cam-nhan-ar837745.html