Since the Covid-19 pandemic, people's payment habits have changed drastically. Consumer demand for new payment services through electronic banking channels, online transaction platforms, and card payments has been increasing. As a result, more consumers are seeking convenient, fast, and secure digital payment and card management experiences through banking apps.

Therefore, to help customers feel comfortable and confident with seamless multi-channel transaction activities and to strengthen effective measures to protect consumers, the Governor of the State Bank of Vietnam has issued Decision No. 2345/QD-NHNN on implementing safe and secure solutions for online payments and bank card payments

According to Decision 2345/QD-NHNN dated December 18, 2023, issued by the State Bank of Vietnam, the use of biometric authentication to identify account owners during money transfer transactions is a crucial safety and security measure for online payments and bank card usage. As per this decision, all bank money transfers (not initiated by account holders) or deposits into e-wallets worth 10 million VND or more, or with a total transfer value exceeding 20 million VND in one day, must be authenticated using biometrics. This authentication can include chip-embedded CCCD, VN e-ID accounts, or biometric data stored in the bank's database.

With 25 years of experience in the smart card and security authentication industry, MK Group understands the urgent needs of today's banking institutions in complying with Decision 2345/QD-NHNN. Therefore, we support and provide security solutions to banking and financial institutions on their journey to meet the requirements of this decision.

Within the framework of the event introducing 'Innovative Payment Solutions and Advanced Security Authentication for Banking and Financial Institutions,' organized by MK Group in collaboration with partner Entrust (USA), on March 12, 2024, in Hanoi and March 14, 2024, in Ho Chi Minh City, MK Group's security authentication experts provided a more in-depth introduction to the solution.

In addition, MK Group and its partner Entrust (USA) provided valuable information at the conference regarding enhancing the performance of card programs through card issuance solutions using kiosks and portable mobile devices. They also discussed innovative banking trends with new payment methods, including card digitization, pay by account, card on demand, payment wearables, biometric cards, and recycled cards.

In the trend of national digital transformation, the banking industry has pioneered the application of many digital transformation products and solutions, such as verifying customer identity, digitizing information, processes, and communication channels. MK Group and its partners are committed to always accompanying and supporting banking and financial institutions in building and deploying successful card and security authentication programs. By doing so, we contribute to creating innovative organizations and improving user experience with diverse domestic payment card and credit card products. This, in turn, promotes non-cash payment activities, electronic banking services, and mobile banking.