Vietnam Export Import Bank also known as Eximbank partners with MasterCard to promote MasterCard PayPass , a contactless card that provides quick, secure and convenient alternative to cash for all its consumers.
According to Eximbank , approximately 25,000 contactless payment cards would be released to all existing cardholders , replacing the old card with a new MasterCard PayPass card. Cardholders in Vietnam will now be able to make contactless payments at over more than 500 new merchant countrywide, as well as any location outside the country where PayPass is accepted. Furthermore, retailers in Hanoi and Ho Chi Minh City are in progress of the developing a PayPass-enabled payment network with Eximbank by the end of January 2013.
Vietnamese can now enjoy quick and secure transactions by tapping their PayPass-enabled card on a specially equipped merchant terminal, which rids the hassle of fumbling over cash and coins. All they need is to hand the card over to a cashier for tapping or swiping the card which saves time and effort.
This spells great news for Asia’s payments industry in emerging markets!
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Are you interested to learn more about payment innovations in Asia’s emerging markets? Join Richard Harris, Head of Retail Banking, Vietnam International Bank who will be sharing on “Adapting to the changing payments landscape in Vietnam” at Cards & Payments Asia from 24 – 25 April 2013 at Marina Bay Sands, Singapore. Download our brochure to find out more!