With the deadline looming, no bank has announced that 100% of their payment accounts have completed biometric authentication.
What happens if you haven’t authenticated your biometrics? Can you still withdraw money from ATMs?
Many people still don’t understand which payment transactions can be made as usual and which will be suspended if biometrics are not authenticated and personal documents are not updated by January 1, 2025.
According to the latest dispatch No. 9913 of the State Bank (SBV) issued on December 3, 2024, guiding the content of card transactions by electronic means, online payment transactions, and cash withdrawals at automated transaction machines are considered card transactions by electronic means (excluding the use of physical cards to withdraw cash at automated transaction machines), and transactions at card acceptance devices at points of sale are not considered as electronic transactions.
Thus, from January 1, 2025, customers who have not updated their biometrics can still use physical cards to withdraw cash at ATMs and make payment transactions at POS machines.
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However, if the account holder has not updated their biometric information, online transactions (online money transfers, online bill payments, etc.) will be temporarily suspended; online card payment transactions; and cash withdrawals using QR codes at ATMs.
Notably, for identity documents (ID, CCCD, Passport, Visa) that have expired and new identity documents have not been updated, the account holder’s transactions will also be suspended across all channels (counter, online, ATM).
At Vietcombank, as of the beginning of December, the bank has recorded nearly 8.5 million customers successfully updating their biometrics and the number is still growing.
Banks are trying their best to get customers to authenticate their biometrics
To support customers in updating their personal documents or authenticating their biometrics, many banks have opened their doors for transactions on weekends.
For example, at Vietinbank, from now until December 28, 2024, the bank will open its transaction offices on Saturdays and Sundays (from 8:00 to 16:30) to serve businesses and households in updating their personal document information.
At Vietcombank, realizing the increasing need of the people to update their biometrics, the bank quickly organized the implementation of overtime work and worked extra on weekends to serve customers.
Specifically, from November 23, 2024, to January 15, 2025, Vietcombank’s transaction points serve customers from 8:00 to 18:30 from Monday to Friday and from 8:00 to 17:30 on weekends to support customers in registering their information.
Especially, customers do not need to return to the branch where the account was opened but can go to any transaction point of Vietcombank to perform this procedure.
VPBank, on the other hand, has allocated 7 billion VND as gifts for customers updating their information from November 7, 2024, to January 23, 2025.
Accordingly, new and existing customers of VPBank will receive a lucky draw code when performing biometric verification or updating new personal documents and participating in the lucky draw on the Friday of the following week.
In addition, VPBank also gives evoucher codes worth VND 50,000 to customers who open cards and accounts before October 1, 2024, and authenticate their biometrics and update their personal documents.
THUY LINH
SHB Customers: Complete Your Biometric Data Update by December 31, 2024
In just over three weeks, Circulars 17 and 18 from the State Bank will come into force. To ensure a seamless financial transaction experience, SHB once again encourages its valued customers to complete their biometric updates as soon as possible and no later than December 31, 2024.
“Vietnam: The Rising E-Commerce Dragon of Southeast Asia”
The Vietnamese e-commerce market is projected to experience a compound annual growth rate (CAGR) of 28% from 2025 to 2033, underpinned by rising internet and mobile penetration, and the growing adoption of digital payments. The government’s digitalization agenda is also a key driver of this growth, setting the stage for a vibrant and dynamic online retail landscape in the country.
The Digital Wallet Wars: Banks and E-Wallets Battle it Out for User Verification Supremacy
As per the State Bank of Vietnam’s insights, cashless payments have witnessed a remarkable surge, with over 182 million personal accounts facilitating such transactions. Notably, several banks now process more than 95% of their transactions through digital channels, a testament to the country’s evolving digital landscape.
Revolutionizing the Banking Experience: VietinBank’s Synchronized Approach to Customer Satisfaction
Complying with Decision 2345 of the State Bank on the deployment of security and safety solutions in payment, VietinBank has implemented biometric authentication for customers since July 1, 2024, and has been recognized as one of the pioneering and effective implementers of this significant directive.
The Great Credit Card Freeze: Banks Warn of an Impending Transaction Standstill
“Unauthenticated accounts, debit and credit cards, and expired identification documents will be suspended by the bank.”
