Vietnam's Biggest Card Alliance Formed

As many as 25 Vietnamese commercial banks jointly set up Smartlink Card Service Joint Stock Company (Smartlink) on October 25 in Hanoi, to operate a card payment network and develop inter-banking e-payment services. The formation of Smartlink will help customers carry out transactions and payments more quickly and conveniently.

 

Smartlink, previously known as the card alliance chaired by the Bank for Foreign Trade of Vietnam (Vietcombank), is still chaired by Vietcombank, together with 15 other domestic joint stock banks, new members, and products and services providers. Smartlink is the biggest electronic payment network in Vietnam. Smartlink is expected to boost non-cash payment services and help commercial banks develop card and retailing services, saving time and cost.

 

According to an official of Smartlink, apart from connecting payment services among banks in the alliance, Smartlink will provide e-payment services for enterprises such as mobile phone operators including Mobifone, Viettel, Vinaphone, S-Fone, HT Mobile, internet services providers, travel agencies, airlines, insurance companies, Vietnam Electricity Group, Tax General Office, and some retail distributors including SATRA, Saigon Coop and Hapro.

 

Accordingly, Smartlink will allow its clients to carry out transaction, bill payment and mobile card deposit at all Automated Teller Machines (ATM) and Points of Sale (POS) of Smartlink alliance members. Besides, customers will also be able to use international and domestic cards to pay for goods and services by the network’s e-payment portal via ATM, POS, Internet and SMS.

 

Smartlink also sets up a payment portal allowing customers to use international and domestic cards to purchase goods and services at websites of POS linked to Smartlink. Smartlink pre-payment cards will also be used at all ATMs and POS of member banks.

 

So far, 17 out of 25 banks have successfully joined the Smartlink 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 decide to pay salary via accounts by early next year, said Nguyen Tu Anh, Smartlink’s general director.