Last year saw a dramatic rise in the development of Vietnam's card market, with local and foreign banks leading the charge. The automated teller machines (ATMs) network is growing and more retailers are catching on by accepting card payments. But when will plastic money really take off in Vietnam? For Vietnamese consumers, it has certainly been difficult to kick the old habits to pay for everything in cash and switch to credit cards or ATM cards. But Le Van Be, general director of the Military Bank, has his own way to convince members of the bank's management board to launch the card service. "If we look back a few years, when mobile phones were first introduced to Vietnam, many said it was not the right time. Look what's happened since then. I think one day in the near future, Vietnamese people will flash their cash cards around like fashion accessories, in the same way they flash their mobile phones around today," he said.Last October, the Military Bank decided to join the card … [Read more...] about When cash is king, can plastic reign?
Which is the best travel credit card
HSBC has launched on July 14th a mobile platform for its global credit card privileges programme, enabling cardholders to access HSBC's Home&Away Privilege Programme anytime, anywhere on their iPhone and other compatible Apple devices. Through the "Offers Near Me" feature on the Home&Away mobile platform, HSBC credit cardholders can identify all nearby merchant discounts at once via their mobile devices. The feature's new, innovative free online restaurant booking service means that cardholders can make reservations quickly and efficiently while on the move, and at a time that suits them. Cardholders can also scroll through the best deals in town by the desired country, card type, merchant category and name to enjoy a hassle-free day out. With this convenient mobile and website platform, HSBC credit card is truly the one card for home and away. "The world's local bank connects its customers to a comprehensive suite of fabulous credit card privileges which spans across … [Read more...] about HSBC’S new mobile platform access to home&away lifestyle credit card privileges
Citibank N.A. Vietnam Friday announced the launch of the Citibank PremierMiles Credit Card targeted at elite and affluent consumers in the country, where the American bank has been present since 1993. "We think the card market here is just beginning. We see real opportunities to come in," Brett Krause, managing director, Citi country officer for Vietnam, said at a press conference in Ho Chi Minh City on Friday. The Citibank PremierMiles Credit Card leverages Citibank's partnerships with major airlines in the region to offer best in class features and benefits to customers in Vietnam, he added. Customers earn 1 Premier Mile for every VND20,000 (US$1) of spend and cash advances on the card, 1000 Bonus PremierMiles upon renewal and 5000 Bonus PremierMiles for spend over VND500 million (US$25,000) in one year. Premier Miles can be redeemed for free flight awards on most airlines flying out of Vietnam, including Vietnam Airlines, Singapore Airlines, Cathay Pacific Airways (and Asia Miles … [Read more...] about Citibank Vietnam launches travel credit card
VietNamNet Bridge - Commercial banks are rushing to issue cards to individual clients, considering this the effective tool to approach clients. Besides ATM cards, commercial banks are now trying to develop payment credit cards. This kind of card is considered the most user-friendly wallet with which people can make payment whenever they want, even when they travel abroad. The Asia Commercial Bank (ACB) has issued Visa Platinum card with EMV standards. This is a card with an electronic chip - a microprocessor like a multi-functional miniature computer capable of storing encoded information with high security level. Being considered as the bank with the biggest number of issued international credit cards and with many different card services, Vietcombank said it would continue to focus on card issuance. Not only domestic banks are rushing to issue credit cards, foreign banks have also been paying a special attention to developing credit card services. Citibank Vietnam has … [Read more...] about Banks rushing to issue credit cards
Speculation on high surcharges associated with credit card use has constrained credit card growth in Vietnam. Sean Preston, chief representative and country manager for Vietnam, Cambodia and Laos, of Visa International (Asia Pacific) LLC – a subsidiary of the US-based Visa Inc., talks to VIR’s Trang Nguyen on the issue and his high hopes for credit card growth in Vietnam in 2016. The number of Visa users seems to have outgrown MasterCard users in Vietnam at the moment. What is your view on this, and what is your strategy to further boost your presence here in Vietnam? There are more than 2.4 billion Visa cardholders across the world enjoying the convenience, security and reliability of using our products at tens of millions of merchants worldwide. This is all part of our vision to be the best way to pay and be paid for everyone, everywhere. Visa cards can be used to make purchases online, when travelling overseas, and in fact, anywhere around the world where you see the … [Read more...] about Visa strives to promote credit card service