RELEASED DATE 19 Oct 2022
BIDV was honoured within the framework of Vietnam Digital Awards (VDA) 2022 Ceremony held by Vietnam Digital Communication Association in Hanoi on 9 October 2022. This is to celebrate the National Digital Transformation Day (10 October), contributing to promote the National Digital Transformation Program.
Following the direction of the State Bank of Vietnam, BIDV has built a chip card conversion roadmap for domestic magnetic debit cardholders to improve card information security, making ground to develop digital payment solutions for domestic chip cards.
Normally, customers wishing to convert magnetic cards to chip cards have to visit the bank’s counters to fill on Card Issuance Application Form and wait for 3-5 days for the physical card to be issued and then activate the card. Accordingly, it will take lots of time for customers to visit the counter, fill in the form and receive the card, while the bank staff has to take multiple manual steps (enter data and confirm customer information, issue card on the system), classify and archive paper dossiers...
To solve those problems, BIDV has launched a digital solution to enable online chip card conversion registration, under which customers can actively register online on BIDV SmartBanking app without visiting BIDV’s counter. Compared to the normal manual process, this solution has completely eliminated manual steps for both customers and bank staff, shortening the total conversion time by 95%.
This is currently the most advanced chip card conversion solution on the market. Customers actively carry out an online end-to-end process on BIDV SmartBanking to own a chip card without any direct contact. This solution also allows customers to choose to convert to physical or non-physical cards and register the address of the branch/transaction office where they will receive their card. If a non-physical card is selected, customers can activate and use the card right after it is issued.
“Solution for online chip card conversion on BIDV SmartBanking is a new and market-leading product. During the recent outbreak of the Covid-19 pandemic, the online chip card conversion brought many benefits to BIDV customers even if they could not visit the transaction counter.
While the magnetic card can still be used normally, the convenient and easy online chip card conversion solution has encouraged customers to convert to a safer, more secure and modern card. Currently, 75% of converted cards have been activated and used, which is an impressive number for a new technology product on the market.
BIDV chip cards integrate high security technology with customer information encrypted by chip on the front instead of a magnetic stripe. This technology is considered a breakthrough with enhanced security, helping customers to comfortably make ATM cash withdrawal without worrying about the risk of card information leakage.
BIDV Smart domestic chip card has online payment feature at all payment gateways with Tokenization, similar to international cards on the market. With this contactless chip card, customers can also make secure and quick transactions. This payment method also helps shorten transaction processing time and improve customer satisfaction.