According to CNBC, since 2020, when the COVID-19 epidemic broke out in the US and many parts of the world, contactless chip cards attracted more attention than ever due to health and safety concerns from the Corona virus. Touchless payment with contactless cards helps users avoid contact with payment devices that are considered potential vectors for spreading viruses.
If you have never used contactless payments before, you may want to start now to speed up your shopping payment experience and ensure safety against personal information leaks.
A magnetic card is a card with a magnetic strip on the back of the card. The data on the magnetic card is stored permanently on the magnetic strip (back of the card). Therefore, it easily leads to the risk of card information theft and transaction fraud.
A contactless chip card, also known as a contactless card is a type of smart card whose body contains a chip and an antenna line hidden underground. Awngten is responsible for acting as an intermediary in receiving and transmitting radio waves between the card reader and the chip containing card data.
Transaction data is stored on the chip (front of the card) and the cryptogram changes with each transaction and this is the basic difference between chip cards and magnetic strip cards, ensuring safety and security for chip cards.
Currently, Vietcombank applies contactless chip technology to all of the bank’s card products. Vietcombank is currently implementing free conversion of magnetic cards to chip cards. To avoid incurring magnetic card maintenance fees, customers should convert to chip cards. VCB will refund the fee to the customer in case the customer makes the conversion and/or locks the magnetic card within 3 months from the date fee.