20 Domestic Banks Form Alliance for Card Payment Network

Twenty commercial banks in Vietnam jointly set up Smartlink Card Service Joint Stock Company October 25 in Hanoi to operate card payment network and develop inter-banking e-payment services, state media said October 26.

 

Chaired by the Bank for Foreign Trade of Vietnam (Vietcombank), Smartlink, which has a registered capital of VND40 billion (US$2.5 million), is expected to boost non-cash payment services, saving time and cost.

 

Some 15 domestic joint stock banks and two other companies play a vital role as Smartlink shareholders.

 

Smartlink will allow its clients to carry out transactions, bill payment and mobile card deposit at all Automated Teller Machines (ATM) and Point of Sale (POS) of Smartlink members. Customers will also be able to use international and domestic cards to pay for goods and services via the network’s e-payment portal.

 

So far, Smartlink’s 17 out of 25 banks have successfully linked to the network and now operate with three million cards at more than 2,000 ATMs and 6,000 POS.

 

Four bank card unions have been formed in Vietnam so far this year. The birth of Smartlink will become more important when authorities in certain provinces will decide to pay salary via accounts by early next year, said Nguyen Tu Anh, Smartlink’s general director.

 

The State Bank of Vietnam is working together with the Vietnam National Financial Switching Joint Stock Co (Banknetvn) to build a central switchboard by 2009, which should advance the operational capacity of the nation’s ATM network and improve interconnectivity. (Vietnamnet, VNS)