{"id":3424,"date":"2021-12-08T11:08:14","date_gmt":"2021-12-08T04:08:14","guid":{"rendered":"https:\/\/pl-partners.vn\/?p=3424"},"modified":"2023-11-02T14:52:17","modified_gmt":"2023-11-02T07:52:17","slug":"magnetic-stripe-atm-cards-remain-valid-after-december-31-2021","status":"publish","type":"post","link":"https:\/\/pl-partners.vn\/en\/magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/","title":{"rendered":"Do magnetic stripe ATM cards remain valid after December 31, 2021?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/pl-partners.vn\/en\/magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#Question\" title=\"Question:\">Question:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/pl-partners.vn\/en\/magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#Answer\" title=\"Answer:\">Answer:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/pl-partners.vn\/en\/magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#PL_AND_PARTNERS_LAW_FIRM\" title=\"PL AND PARTNERS LAW FIRM\">PL AND PARTNERS LAW FIRM<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Question\"><\/span><strong><span style=\"color: #282828;\"><span style=\"color: #ed1c24;\">Question:<\/span> <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">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.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Answer\"><\/span><strong><span style=\"color: #ed1c24;\">Answer:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">PL &amp; Partners would like to thank you for trusting and sending questions to us. For your question, we would like to reply as follows:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">On November 30, 2021, the State Bank has issued <span style=\"color: #0000ff;\">Official Dispatch No. 8458\/NHNN-TT<\/span> on the application of basic standards on domestic chip cards. This results in a series of related information such as: <strong><em>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.<\/em><\/strong><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-3379\" src=\"https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/hoi-dap-the-tu-atm-con-duoc-su-dung-sau-ngay-31-12-2021-khong.jpg\" alt=\"\" width=\"1000\" height=\"700\" srcset=\"https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/hoi-dap-the-tu-atm-con-duoc-su-dung-sau-ngay-31-12-2021-khong.jpg 1000w, https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/hoi-dap-the-tu-atm-con-duoc-su-dung-sau-ngay-31-12-2021-khong-269x188.jpg 269w, https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/hoi-dap-the-tu-atm-con-duoc-su-dung-sau-ngay-31-12-2021-khong-768x538.jpg 768w, https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/hoi-dap-the-tu-atm-con-duoc-su-dung-sau-ngay-31-12-2021-khong-43x30.jpg 43w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\"><span style=\"color: #0000ff;\">Circular No. 22\/2020\/TT-NHNN<\/span> amending and supplementing <span style=\"color: #0000ff;\">Circular No. 19\/2016\/TT-NHNN<\/span> (amended and supplemented by <span style=\"color: #0000ff;\">Circular 41\/2018\/TT-NHNN<\/span>) stipulates the transformation schedule from magnetic stripe ATM cards to chip-mounted ones designed for card issuers and card acquirers, specifically:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\"><strong>* <\/strong><strong>For card <\/strong><strong>acquirers<\/strong><strong>:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><em>\u201c\u2026<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><em>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.\u201d<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\"><strong>* <\/strong><strong>For <\/strong><strong>card issuers<\/strong><strong>:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><em>\u201c\u2026<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>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..<\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>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.\u201d<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">Thus, according to <span style=\"color: #0000ff;\">Circular 41<\/span>, 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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">In conclusion, information regarding magnetic stripe ATM cards will be completely &#8220;eradicated&#8221; after December 31, 2021 is <strong>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.<\/strong><\/span><\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"PL_AND_PARTNERS_LAW_FIRM\"><\/span><span style=\"color: #ed1c24;\"><strong>PL <\/strong><strong>AND<\/strong> <strong>PARTNERS<\/strong><strong> LAW FIRM<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #282828;\"><span style=\"color: #000000;\"><em><strong>Head<\/strong><strong>quarters<\/strong><strong>:<\/strong><\/em><\/span> <span style=\"color: #000000;\">46<sup>th<\/sup> Floor, Bitexco Financial Tower, No. 2 Hai Trieu, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam<\/span><\/span><\/p>\n<p><span style=\"color: #282828;\"><em><span style=\"color: #000000;\"><strong>O<\/strong><strong>ffice:<\/strong><\/span><\/em> <span style=\"color: #000000;\">Lot 1.16 Viva Riverside, 1472 Vo Van Kiet, Ward 3, District 6, HCMC<\/span><\/span><\/p>\n<p><span style=\"color: #282828;\"><em><span style=\"color: #000000;\"><strong>Hotline:<\/strong><\/span><\/em> <span style=\"color: #000000;\">093.1111.060<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong><em>Email:\u00a0<\/em><\/strong><a style=\"color: #000000;\" href=\"http:\/\/info@pl-partners.vn\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">info@pl-partners.vn<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong><em>Facebook:<\/em><\/strong>\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.facebook.com\/PLLaw\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">www.facebook.com\/PLLaw<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong><em>Website:\u00a0<\/em><\/strong><a style=\"color: #000000;\" href=\"https:\/\/pl-partners.vn\/\"><em>www.PL-PARTNERS.vn<\/em><\/a><em> \u2013 <\/em><a style=\"color: #000000;\" href=\"http:\/\/www.hoidapluat.net\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><em>www.HOIDAPLUAT.net<\/em><\/a><em> \u2013 <\/em><a style=\"color: #000000;\" href=\"http:\/\/www.thutucphaply.org\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><em>www.THUTUCPHAPLY.org<\/em><\/a><\/span><\/p>\n<hr \/>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #e3f1fa;\" border=\"1\/4pt\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #0000ff; font-size: 16px;\">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.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #0000ff; font-size: 16px;\">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.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #0000ff; font-size: 16px;\">For accurate and specific consultancy, please contact PL&amp;Partners lawyer via call center\u00a0<strong>093.1111.060<\/strong>\u00a0or email:\u00a0<strong>info@pl-partners.vn<\/strong>.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question: 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? [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":3379,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168],"tags":[],"class_list":["post-3424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-focus-tdl"],"_links":{"self":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/posts\/3424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/comments?post=3424"}],"version-history":[{"count":0,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/posts\/3424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/media\/3379"}],"wp:attachment":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/media?parent=3424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/categories?post=3424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/tags?post=3424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}