Banks launch domestic credit chip cards

The National Payment Corporation of Vietnam (Napas) and seven domestic banks recently launched domestic credit chip cards with unified standards (Photo: thanhnien.vn)

Hanoi (VNA) – The NationalPayment Corporation of Vietnam (Napas) and seven domestic banks recentlylaunched domestic credit chip cards with unified standards to promote cashlesspayments and tackle black credit.

The seven banks are Vietnam Joint StockCommercial Bank for Industry and Trade (Vietinbank), Ban Viet Joint StockCommercial Bank (Viet Capital Bank), Asia Commercial Bank (ACB), HCM CityHousing Development Commercial Joint Stock Bank (HDB), Bao Viet Bank (BVB), SaiGon Thuong Tin (Sacombank) and Vietnam Thuong Tin (Vietbank).

The cards will be accepted at more than235,300 points of sale and 14,380 ATMs nationwide. Cardholders can alsowithdraw cash at ATMs of Napas’ partners in the Republic of Korea and ASEANcountries of Thailand and Malaysia.

Cardholders will be given an interest-freeperiod of up to 55 days compared to the typical 45 days. The acceptance pointswill have to pay fees of about 1.1-1.3 percent of the transaction values, lowerthan other credit cards.

Statistics from the Vietnam Bank CardAssociation showed that operating domestic credit cards saw a decrease of 10percent in 2017-20 and new issuances fell by 36 percent.

However, the total transaction value of existingdomestic cards increased by 25 percent in the period./.

VNA