As many as 18 banks and credit organisations agreed to implement a cashback policy to customers joining in Online Friday 2016 on December 2 (Photo: congly.vn)

Hanoi (VNA) -  As many as 18 banks and credit organisations agreed to implement a cashback policy to customers joining in Online Friday 2016 on December 2.

Le Duc Anh from the Vietnam E-commerce and Information Technology Agency (VECITA) under the Ministry of Industry and Trade said under the cashback policy, banks would give people a discount into their bank accounts after buying products or services online.

Last year, the rate of card payment on Online Friday was only 4 percent while the remaining was cash on delivery (COD). COD has caused difficulties for both delivery firms and retailers as only 1 out of 10 orders were successfully implemented. Businesses have suffered costs for goods which were not delivered to customers.

This prompted the move to call for banks’ participation in the cashback policy. The payment would bring benefits to businesses, delivery firms and customers.

Customers could get up to 500,000 VND (22 USD) for a 1 million VND order if they pay by bank cards on Online Friday 2016, Anh said.

VECITA said the Maritime Bank and ACB have the highest rate of cashback of up to 50 percent while Agribank, Kien Long Bank and SCB give a 30 percent discount.

Eximbank, NCB, VRB, BaoVietBank, HDB and MB would give 20 percent discounts to customers paying by cards. An Binh Bank and VP Bank offer a discount of 10 percent in the day. Sacombank also joined in the programme with a discount rate of 5 percent.

SeABank gives 500,000 VND cashback for bills of more than 1 million VND.

Vietcombank would add 200,000 VND cashback for its local debit card for online purchases of more than 500,000 VND on 27 big domestic online websites such as Adayroi, Tiki, Shoptretho, Lazada and Fptshop.

The cashback will apply only on December 2.

The year’s largest e-commerce event will take place from December 1 to 4 with two main events of Online Friday at website store.onlinefriday.vn/ and Big Off in the pedestrian streets around Ho Guom (Sword Lake) in the centre of Hanoi.
VECITA said the organising board this year has taken solutions to prevent fraudulent promotions.

It has cooperated with price comparison websites such as Top Mot, Websosanh and Chongiadung to help consumers compare prices of goods and services.

People could also use the iCheck app to check product information.

As of November 28, the organising board removed more than 60,000 products registering in the day as they have higher prices than the average level in the market.-VNA