Announced in October 2018, VCCS are a set of standards developed by National Payment Corporation of Vietnam (NAPAS). With VCCS, which was designed specifically for EMV cards used in Vietnam, the new domestic ATM and Debit cards aims to reduce card-present fraud resulting from counterfeited, lost and stolen cards in the country.
Vietnam currently has 70 million 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.
Gemalto, a digital security company, offers mobile connectivity, payment technology and data protection solutions to manage services. The company supplies to governments, wireless operators, banks and enterprises a wide range of secure personal devices, such as subscriber identification modules (SIM), Universal Integrated Circuit Card (UICC) in mobile phones, smart banking cards, smart card access badges, electronic passports, and USB tokens for online identity protection.
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