Do magnetic stripe ATM cards remain valid after December 31, 2021?


Dear lawyer, I recently heard about the fact that magnetic stripe ATM cards will not be accepted and people have to switch to chip cards before December 31, 2021. However, I am on a business trip far away so I can not go to the bank to do so. So what can I do? Thank you.


PL & Partners would like to thank you for trusting and sending questions to us. For your question, we would like to reply as follows:

On November 30, 2021, the State Bank has issued Official Dispatch No. 8458/NHNN-TT on the application of basic standards on domestic chip cards. This results in a series of related information such as: whether domestic magnetic stripe cards in circulation keep being used or not; and whether cardholders are required to change to chip-mounted ATM cards before December 31, 2021.

Circular No. 22/2020/TT-NHNN amending and supplementing Circular No. 19/2016/TT-NHNN (amended and supplemented by Circular 41/2018/TT-NHNN) stipulates the transformation schedule from magnetic stripe ATM cards to chip-mounted ones designed for card issuers and card acquirers, specifically:

* For card acquirers:


By December 31, 2020, 100% of active ATMs and card processing devices at points of sales endorsed by acquirers in Vietnam must comply with the Base Standards for domestic chip cards.”

* For card issuers:


3. By December 31, 2021, 100% of active cards of card issuers with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards..

4. From March 31, 2021, card issuers issuing cards with BIN issued by the State Bank must comply with the Base Standards for domestic chip cards.”

Thus, according to Circular 41, only commercial banks has been required, from March 31, 2021 onwards, to stop issuing magnetic stripe ATM card, but completely subtitle for chip cards. There are NO MENTIONS that domestic magnetic cards issued by card issuers in Vietnam will be refused for transactions.

In conclusion, information regarding magnetic stripe ATM cards will be completely “eradicated” after December 31, 2021 is INCORRECT. Accordingly, after December 31, 2021, you are still able to use magnetic strip cards for transactions at ATMs, POS, Internet Banking, Mobile Banking and transaction counters in accordance with the legal regulations.


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  • The above-mentioned consulting opinions are based on the provisions of the law and information provided by the client. Any legal opinions expressed (unless cited) are our own and for reference only.
  • At the time you read this article, the laws we refer to may have expired, or have been amended or supplemented. Therefore, we do not guarantee that the above information can be applied to all cases, to all subjects, at all times.
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