On September 26, 2024, the Organizing Committee of Vietnam Card Day officially announced the event of Vietnam Card Day 2024. This is an annual event with content direction from the State Bank, organized by Tien Phong Newspaper and Vietnam National Payment Joint Stock Company (NAPAS).
At the press conference, Mr. Nguyen Quang Hung - Chairman of the Board of Directors of NAPAS, said that card payments have developed over the past 20 years, initially with magnetic stripe technology cards, then switching to chip technology cards with higher security advantages. The State Bank of Vietnam (SBV) has set out a plan and roadmap for switching to chip cards, and has so far issued more than 50 million cards.
Transaction data via NAPAS also recorded that more than 90% of transactions were via chip cards, a very small portion was via magnetic cards. Transactions were performed securely on POS machines or at ATMs.
Recently, with smile to pay technology, the banking industry has implemented card account registration with the customer's face, when paying, the customer only needs to scan their face, no need to enter any information, or enter a pin code. This method is both experiential and ensures good security.
NAPAS was assigned by the State Bank to implement cross-border payments with Thailand, Cambodia and Laos via QR codes. The advantage of the service for people is that when going on business trips or traveling, people do not have to convert foreign currency, they just need to use the banking app that implements the service to pay by scanning QR codes at more than 9 million payment acceptance points (merchant) in Thailand.
In addition, when making cross-border payments in the region, the State Bank has a policy of promoting the use of local currencies in each country, bringing benefits to customers and a smooth experience.
In the coming time, NAPAS will continue to expand its implementation to countries in the Asian region.
Mr. Hung said that customer experience is something that banks are very interested in, how to make the experience as simple as possible and ensure security and safety.
When switching from magnetic cards to chip cards, the payment experience becomes simpler, just tap the card to pay. Only large value transactions require entering a PIN to ensure safe and secure authentication.
In addition, in the e-commerce environment, banks also apply the 3DS standard for card payments. When customers have good transaction history data, banks can analyze and compare historical payment data, thereby allowing customers to skip OTP authentication steps.
Nowadays, payment cards have been digitized on mobile devices, turning the phone into a payment card. Or with soft pos, the technology of digitizing payment acceptance devices (soft post) allows turning smartphones into soft machines to help expand the payment acceptance network.
