Vietcombank encourages customers to switch cards to more optimal products

+ 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, this is to encourage customers to convert magnetic cards to chip cards: 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.

Ms. Doan Hong Nhung - Deputy Director of Vietcombank Retail Division.

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.

Second, we also encourage customers to transact on digital channels: 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 being able to use the card immediately after registration in an easy, convenient and fast way. Customers can also easily and proactively activate the card for free on digital channels such as VCB Digibank, SMS Banking, which is both convenient, fast and ensures safety for customers when using the card. 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.

Third, this plan aims to support customers during card use: In order to improve the quality of customer service and provide maximum support to customers during card use, as part of these fee changes, from July 1, 2023, Vietcombank will conduct FREE checks for domestic card transactions issued by Vietcombank instead of the current fee of VND 50,000/check transaction for domestic cards (including VAT).

Regarding 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 the 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.

What is a chip technology card? Comparing magnetic stripe technology cards and chip technology can be understood simply as follows:

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 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.

Why should we switch from magnetic stripe technology to chip technology? Here is the answer:

Chip card technology has been 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 only needs 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. In the future, contactless Chip cards will be deployed to apply contactless payments in many different fields such as smart transportation, parking lots... supporting the change of people's payment habits, aiming at the goal of a cashless society.

+ Thus, it can be understood that the adjustment of these fees is mainly to encourage customers to switch their cards to more optimal products such as chip technology cards and encourage customers to switch to digital channel transactions in line with current trends to bring more convenience and safety to customers. 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 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 customers' cards to bring convenience and optimize customer experience.

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