Sacombank Surpasses 1 Million Credit Card Customers, Continuously Enhancing Cardholders’ Value and Experience

Marking a significant milestone in the bank’s card business, this achievement underscores the bank’s commitment to understanding and meeting the needs and aspirations of customers in the burgeoning cashless payment landscape in Vietnam.

According to several statistical reports, the volume and value of card payments in Vietnam have been steadily increasing over the years

An Increasing Number of Vietnamese Own Credit Cards

The landscape of cashless payments in Vietnam has witnessed remarkable advancements in legal frameworks, technological infrastructure, security, product diversification, and more, all geared towards providing the most convenient experience for citizens over the past three decades.

Among these, cards are seen as the payment method that marked the beginning of the cashless era. The Vietnamese card market has enjoyed tremendous growth, thanks to the continuous innovation, creativity, and responsiveness of issuing organizations and card organizations to consumer trends.

With 140 million cards in circulation, each adult on average owns two cards, including both physical and virtual cards. At the same time, the habit of going cashless has become widespread, leading to a continuous decline in the proportion of cash withdrawals using payment cards (ATM cards). People are gradually shifting their use of payment cards to digital channels, helping society save significant costs. This trend has also fueled the growth of the credit card market in Vietnam –  in line with the trend of “buy now, pay later” and accessing interest-free credit for 45-55 days offered by banks, which has piqued the interest of consumers in recent years.

According to the latest statistics from the State Bank of Vietnam, by the end of the second quarter of 2023, the total number of credit cards in circulation in the market reached over 10 million. Meanwhile, according to statistics research organization Statista, only 5% of Vietnamese adults own a credit card, while in neighboring countries such as Thailand, the figure is 10%, Malaysia 21%, China 21%, Singapore 49%, Taiwan 54%, and Japan 68%…

The large young population, technological advancements, and the growing popularity of e-commerce are fundamental factors driving the growth potential of the Vietnamese credit card market. And banks are finding ways to attract users.

The credit card ecosystem at Sacombank offers 20 different card lines, providing diverse choices for customers

Sacombank Surpasses 1 Million Credit Card Customers

In line with this trend, Sacombank has emerged as one of the most dynamic banks with a robust presence in the card segment, particularly in credit cards. To date, Sacombank has surpassed the milestone of one million credit card customers, solidifying its position as a top-tier bank in the payments sector.

This impressive achievement stems from its strategic approach, extensive collaboration with domestic and international card organizations, product and service diversification, expansion of a superior loyalty and rewards ecosystem, and pioneering the adoption of new payment technologies to personalize user experiences. These efforts are part of the bank’s overarching goal to attract and retain customers.

In terms of payment instruments, Sacombank has partnered with the widest range of card issuers, which include: NAPAS, VISA, Mastercard, UnionPay, JCB, and American Express. The bank has consistently launched card lines with attractive benefits, setting new trends in consumer payments. Notably, these include the first Infinite Visa “black card” in Vietnam, the first Mastercard that integrates a credit card and payment card on a single chip in the market, and most recently, the Sacombank Platinum American Express credit card.

Sacombank‘s credit card ecosystem, comprising 20 card lines, provides superior benefits tailored to specific spending categories, ranging from travel and shopping to dining and installment payments, catering to distinct customer segments, from mass-market to high-end clients.

In addition, Sacombank has taken the lead in implementing virtual credit card issuance technology, offering numerous benefits for cashless payments with multiple utilities and experiences. This technology empowers users to efficiently manage and balance their personal finances. Sacombank is also the first bank to offer connectivity with all mobile payment methods available in the Vietnamese market, including Apple Pay, Google Pay, Samsung Pay, and Garmin Pay, catering to the needs of tech-savvy consumers. This is also part of the bank’s strategy to personalize user experiences.

Furthermore, Sacombank has consistently implemented policies that waive issuance fees, reduce annual fees, and offer promotional programs with substantial benefits to provide exceptional payment experiences while minimizing costs for all customers.

Sacombank Visa card linked to a Garmin watch

Moreover, Sacombank has invested heavily in its payment acceptance network. Since 2004, the bank has developed a payment system through point-of-sale (POS) machines, and today, it possesses a network of over 200,000 POS machines nationwide. In 2008, Sacombank developed a payment gateway for online transactions and is now among the top banks in terms of online payment turnover in Vietnam. Thus, with its extensive network of online and offline card acceptance points, Sacombank can serve cardholders across multiple platforms, anytime and anywhere.

Enhancing Understanding and Value for Cardholders

“These positive results are a testament to our early commitment to developing the card business segment, our consistent and effective investments, and the innovative and pioneering spirit of Sacombank. Each card that reaches our customers is not just a spending tool but also a symbol of value and an emotional touchpoint through which Sacombank strives to understand and journey alongside our customers,” said Ms. Nguyen Phuong Huyen, Deputy Director of Sacombank‘s Retail Banking Division.

Sacombank has made significant strides in its customer-centric journey by transforming its mindset and business strategy, shifting from offering traditional banking financial products – selling what the bank has – to providing the services customers need. This represents a major leap forward in Sacombank‘s customer experience personalization strategy and the broader cashless payments landscape in Vietnam.

Moving forward, the bank will continue to build its card ecosystem with leading market partners to continuously expand benefits, diversify card features, comprehensively adopt new technologies, and meet the evolving needs of users.