{"id":7233,"date":"2021-12-03T13:38:24","date_gmt":"2021-12-03T06:38:24","guid":{"rendered":"https:\/\/pl-partners.vn\/?p=7233"},"modified":"2023-11-02T15:11:30","modified_gmt":"2023-11-02T08:11:30","slug":"do-magnetic-stripe-atm-cards-remain-valid-after-december-31-2021","status":"publish","type":"post","link":"https:\/\/pl-partners.vn\/en\/do-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":"<blockquote>\n<div><span style=\"color: #0000ff;\"><em>In this article, we would like to answer a reader&#8217;s question about whether ATM cards can still be used after December 31, 2021<\/em>.<\/span><\/div>\n<\/blockquote>\n<div><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">On November 30, 2021, the State Bank issued Official Dispatch <span style=\"color: #0000ff;\">No. 8458\/NHNN-TT <\/span>on implementing and applying basic standards for domestic chip cards. This has been reported by many media and there is a series of related information and assumptions that make many people feel confused.<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">Many clients have contacted PL &amp; Partners Law Firm to ask whether domestic magnetic cards currently in circulation can continue to be used or not? Or is there any regulations that cardholders are required to change to a chip-embedded ATM card before December 31, 2021?<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">In this article, we would like to answer this issue by answering a reader&#8217;s question.<\/span><\/div>\n<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\/do-magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#A_Question\" title=\"A. Question:\">A. 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\/do-magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#B_Answer\" title=\"B. Answer:\">B. 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\/do-magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#For_card_acquirers\" title=\"For card acquirers:\">For card acquirers:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/pl-partners.vn\/en\/do-magnetic-stripe-atm-cards-remain-valid-after-december-31-2021\/#For_card_issuers\" title=\"For card issuers:\">For card issuers:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/pl-partners.vn\/en\/do-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=\"A_Question\"><\/span><span style=\"color: #003366;\"><strong>A. Question: <\/strong><\/span><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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\"> However, I am on a business trip far away so I can not go to the bank to do so. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">What should I do now? Hope to receive an advice from a lawyer.<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/co-duoc-su-dung-the-tu-atm-nua-hay-khong.jpg\" alt=\"C\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng th\u1ebb t\u1eeb ATM cho c\u00e1c giao d\u1ecbch sau ng\u00e0y 31\/12\/2021 hay kh\u00f4ng?\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Can we still use ATM cards after December 31, 2021?<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"B_Answer\"><\/span><span style=\"color: #003366;\"><strong>B. Answer:<\/strong><\/span><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. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #282828;\">For your question, we would like to reply as follows:<\/span><\/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<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"For_card_acquirers\"><\/span><span style=\"color: #ed1c24;\"><strong>For card <\/strong><strong>acquirers<\/strong><strong>:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #f7e4ba;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px;\"><span style=\"color: #000080;\"><em>\u201c\u2026<\/em><\/span><span style=\"color: #000000;\"><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><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"For_card_issuers\"><\/span><span style=\"color: #ed1c24;\"><strong>For <\/strong><strong>card issuers<\/strong><strong>:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #f7e4ba;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-size: 16px;\"><em>\u201c&#8230;<\/em><\/span><span style=\"color: #000000; font-size: 16px;\"><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: #000000; font-size: 16px;\"><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><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 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.<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/pl-partners.vn\/wp-content\/uploads\/2021\/12\/van-duoc-su-dung-the-tu-atm-de-giao-dich-nhu-binh-thuong.jpg\" alt=\"V\u1eabn c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng th\u1eed t\u1eeb ATM cho c\u00e1c giao d\u1ecbch nh\u01b0 b\u00ecnh th\u01b0\u1eddng\" \/><\/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: #e6f6fa;\" border=\"1\/4pt\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14.4px; color: #333399;\">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=\"font-size: 14.4px; color: #333399;\">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=\"font-size: 14.4px; color: #333399;\">For accurate and specific consultancy, please contact PL&amp;Partners lawyer via call center\u00a0093.1111.060\u00a0or email:\u00a0info@pl-partners.vn.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>In this article, we would like to answer a reader&#8217;s question about whether ATM cards can still be used after December 31, 2021. On November 30, 2021, the State Bank issued Official Dispatch No. 8458\/NHNN-TT on implementing and applying basic standards for domestic chip cards. This has been reported by many media and there is [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":4168,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"class_list":["post-7233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-info"],"_links":{"self":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/posts\/7233","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=7233"}],"version-history":[{"count":0,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/posts\/7233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/media\/4168"}],"wp:attachment":[{"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/media?parent=7233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/categories?post=7233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pl-partners.vn\/en\/wp-json\/wp\/v2\/tags?post=7233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}