Vietnam is about to have domestic credit cards issued by 7 banks in coordination with Napas

There used to be a bank that issued its own domestic credit cards but failed, then they focused on issuing international credit and debit cards on the basis of associating with card institutions such as VISA, Mastercard, JCB … Mr. Nguyen Quang Minh, Deputy General Director of Vietnam National Payment Joint Stock Company (NAPAS), said that on January 25, NAPAS, with the role of the national switching organization, will coordinate with 7 banks. ACB, VietinBank, Vietnamese Version, Sacombank, Bao Viet, HDBank, and VietBank issue domestic credit and debit cards according to the basic standards issued by the State Bank, in order to continue implementing the policy on comprehensive financial promotion. The biggest feature of domestic credit cards is that cardholders spend first, pay later with interest free period of up to 55 days (normal credit cards 45 days). This type of card allows the cardholder to make transactions within the allowed limit set by the issuing bank, usually around 100 million dong. For payment transactions at agents, merchants, the transaction fee will be from 1.1 to 1.3% of the transaction value, lower than other card brands. For cash withdrawal transactions, the expected fee from 1 – 2% of the transaction value (the minimum fee is from 10,000 VND to 20,000 VND) is also much lower than the international credit cards being issued above. market (currently applying 4%). Moreover, cardholders can make payments when buying goods, using services at merchants, paying via the Internet, online merchants. In addition to payment, domestic credit card holders can also withdraw cash at all ATMs in the country, in Korea and some ASEAN countries such as Thailand, Malaysia … “The story why some people in urgent need of money seek black credit is because they have no access to formal financial services, so they are forced to look for informal channels. With two domestic credit card products, people will have more choices. When they need capital, they will look to the bank. It is expected that in the next 1-2 years, the number of credit cards will account for 15-20% of the total number of cards in the market. As for developed markets, credit cards account for over 50% “, Mr. Minh said. Mr. Minh noted that in developed countries, domestic credit cards account for the majority and the vitality of domestic credit cards is very good. The bank’s cooperation with NAPAS to issue domestic credit cards will also contribute to limiting cash payments, helping people to have more choices about consumer finance, and prevent black credit. In addition to domestic credit cards, NAPAS and banks also cooperate to issue domestic prepaid cards including identity prepaid cards and anonymous prepaid cards. With this card, customers have to top-up to pay. In the short term, customers can open at 4 banks: VietinBank, Sacombank, Vietbank and HDBank. Source: https://tinnhanhchungkhoan.vn/viet-nam-sap-co-the-tin-dung-noi-dia-phat-hanh-boi-7-ngan-hang-phoi-hop-voi-napas-post260586. html