There is still ample room for domestic credit card (DCC) growth since the number of DCC holders is relatively low in Vietnam, according to experts at a recent seminar on DCCs.
The Vietnam Public Joint Stock Commercial Bank (PVcomBank), in which the State-owned Vietnam Oil and Gas Group (PetroVietnam) holds a 52-percent stake, has been honoured as the Best Trade Finance Bank, the Best Card Service Provider, and the Best Bank for Customer Services in Vietnam for 2021 among the Finance Derivative Awards.
Digital wallets are forecast to overtake credit cards to become the most popular online payment method in Singapore by 2024, amidst the e-commerce boom fueled by the COVID-19 pandemic, according to the latest global payments report by Worldpay from FIS.
Though the volume of issued credit cards and payments via credit cards have decreased sharply in Vietnam, VISA and MasterCard have been collecting different fees from a transaction.
The State Bank of Vietnam (SBV) has directed commercial banks to tighten control over credit card payments to prevent the improper use of credit cards.
Credit cards belonging to Malaysia’s former Prime Minister Najib Razak were used to spend over 3.3 million RM (800,000 USD) in a single day at a luxury jeweller in Italy, a court in Kuala Lumpur has heard during his trial.
Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of 30 million VND (some 1,300 USD) per day for international credit and debit cards from early this year to meet a central bank regulation.
Police in the southern province of Ba Ria – Vung Tau have arrested 22 Chinese nationals for alleged online gambling and the manufacturing of fake credit cards, police said on December 20.
Beginning March 3, 2018, persons who are between 15 and 18 years old can open debit cards, credit cards and prepaid cards without the need to provide proof of income’s sources, according to the State Bank of Vietnam.
Banks are investing significantly in retail banking services instead of only focusing on corporate lending in the hope of gaining higher profits from the potential segment this year.
Credit cardholders will not be allowed to withdraw cash worth more than 5 million VND for domestic transactions and no more than 30 million VND for foreign currency.
The Prime Minister recently ratified a project to stimulate non-cash transactions in 2016-20 with a view to reducing the cash transactions rate to under 10 percent.
Increased use of electronic payment products added 880 million USD to Vietnam's Gross Domestic Product (GDP) from 2011 to 2015, according to a new report released by Moody's Analytics.
According to the Vietnam E-Commerce and Information Technology Agency, though the country's e-commerce market has seen significant growth, the habit of using cash remains overwhelmingly popular.
State-owned Agribank, one of the largest banks in Vietnam, rolled out a set of debit and credit cards for high security transactions using EMV chip technology in Hanoi on December 17.
Three Republic of Korean (RoK) nationals have been arrested recently for using fake credit cards to steal money, according to the Hanoi Police Department’s high-tech crime prevention division.
Business
