Vietnam’s payment card market is developing rapidly as the country has issued total 6.2 million payment cards over the last 10 years, VnEconomy reported.
These payment cards with two main kinds, international credit and debit cards, were issued by 20 commercial banks.
The cards, which first appeared in Vietnam in 1996 issued by the Bank for Foreign Trade of Vietnam (Vietcombank), have become a popular tool of payment now.
Along with the rapid development of bank cards, banks have also installed a great amount of automated telling machines (ATMs) and points of sales (POSs).
There are 3,820 AMTs and 21,875 POSs as the end of June 2007, the media said.
Also in 1996, an alliance of the payment card banks was established by Vietcombank, ACB, Firstvinabank and Eximbank. It now consists of 18 members.
There are three other alliances to date, including BankNet, headed by Agribank and other banks; VNBC, an alliance of EAB, Saigon Commercial and Industrial Bank, MHB and Habubank; and the one between Sacombank and ANZ.
Vietcombank is leading the market in international credit cards, being the only bank in Vietnam that accepts payments by the five most popular cards: Visa, MasterCard, JCB, American Express and Diners Club.
The existence of four separate card alliances is preventing the development of Vietnam’s credit card market as cardholders can withdraw money only from ATMs owned by the card issuance banks or the banks in the same alliances. (VnEconomy)
Vietnamese
