Gemalto and the National Payment Corporation of Vietnam Accelerate the Country’s Migration to EMV
SINGAPORE–(BUSINESS WIRE)–The State Bank of Vietnam has just officially released the first Vietnam
Chip Card Specifications (VCCS). Announced in October, VCCS are a set of
standards developed by National Payment Corporation of Vietnam (NAPAS),
with support from Gemalto. With VCCS, which was devised specifically for EMV
cards used in Vietnam, the new domestic ATM and Debit cards will
reduce card-present fraud resulting from counterfeited, lost and stolen
cards in the country.
By the end of 2017, 54.6% of all cards issued globally were EMV-enabled1,
and this number is expected to continue growing. Vietnam currently has
70 million2 magnetic stripe cards in circulation, and is in
the process of migrating to EMV cards.
“Apart from the usual payment needs by the consumers, the new dual
interface EMV cards will also be used for transport in the near future,
potentially allowing us to leapfrog into other payment applications.”
said Nguyen Quang Minh, Deputy CEO for NAPAS, Vietnam.
“We are honored to provide our expertise on EMV migration in following
the country’s mandate on the adoption of chip card technology. We are
working with major issuers in the country to support the launch of EMV
cards based on specifications set for domestic chip cards, which is
planned for the end this year. Beyond contact and contactless
cards, we expect innovations to foster as PURE
white label payment technology is already supporting a variety of
form factors, including biometric cards, wearables and mobile wallets.”
said Michael Au, senior vice president Banking and Payment APAC for
Gemalto (Euronext NL0000400653 GTO) is the global leader in digital
security, with 2018 annual revenues of €3 billion and customers in
over 180 countries. We bring trust to an increasingly connected world.
From secure software to biometrics and encryption, our technologies and
services enable businesses and governments to authenticate identities
and protect data so they stay safe and enable services in personal
devices, connected objects, the cloud and in between.
Gemalto’s solutions are at the heart of modern life, from payment to
enterprise security and the internet of things. We authenticate people,
transactions and objects, encrypt data and create value for software –
enabling our clients to deliver secure digital services for billions of
individuals and things.
Our 15,000 employees operate out of 110 offices, 47 personalization and
data centers, and 35 research and software development centers located
in 47 countries.
For more information visit www.gemalto.com,
or follow @gemalto
1 EMV card issuance, transactions surpass 50 percent
Gemalto media contacts:
512 257 3916
Europe Middle East & Africa
+33 4 42 36 57
+91 11 6623 1200
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