Central Banking

Vietnam continues with payment card upgrades

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The Central Bank of Vietnam is going ahead with plans to upgrade payment cards within the country.

In a statement released January 2, the central bank announced commercial banks will have to switch 30% of their current magnetic strip cards to chip and pin cards by the end of 2019.

The measure is part of the central bank’s “card roadmap”, which aims to increase the proportion of chip and pin cards to at least 60% by the end of 2020. The final goal is to phase out magnetic strip cards entirely

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