This is a milestone in the development of this bank’s card business, clearly reflecting the values and spirit of understanding that are oriented towards the benefits and experiences of customers in the era of cashless payment that has exploded in the Vietnamese market.
According to many statistical reports, the rate and value of card payments in Vietnam have increased continuously over the years
Increasing number of Vietnamese people have credit cards
The landscape of cashless payments in Vietnam over the past three decades has seen significant progress in the legal framework, technology infrastructure, security, product diversification, etc., towards the most convenient experience for the people.
In which, cards are considered the payment method that opens the era of cashless. The Vietnamese card market has developed remarkably thanks to the continuous innovation, renovation, and response of issuing organizations and card organizations to the consumer consumption trends.
With 140 million cards, an average of 2 cards per adult, including physical or non-physical cards. At the same time, the habit of not using cash is widely formed, causing the proportion of cash withdrawal transactions via payment cards (ATM cards) to continuously decrease. People are gradually shifting the purpose of using payment cards for spending on digital channels, helping society save a lot of costs. This is also the driving force for the credit card market in Vietnam to continue developing – with the trend of “buy now, pay later”, accessing the bank’s interest-free credit source for 45 – 55 days, which has gradually attracted interest in recent years.
According to the latest statistics of the SBV, as of the second quarter of 2023, the total number of credit cards in circulation in the market was over 10 million. According to the statistical research organization Statista, only 5% of Vietnamese adults own credit cards, while in neighboring countries such as Thailand, this figure is 10%, Malaysia 21%, China 21%, Singapore 49%, Taiwan 54%, Japan 68%…
With a young population, the development of technology and the increasingly popular trend of e-commerce are fundamental factors that make the Vietnamese credit card market still have a lot of room for development. And banks are also trying to attract users.
Sacombank’s credit card ecosystem with 20 different card lines, offering diverse choices for customers
Sacombank surpasses 1 million credit card customers
Not beyond that trend, Sacombank is one of the dynamic banks with active operations in the card segment, focusing on credit cards. So far, Sacombank has surpassed the milestone of one million credit card customers, maintaining its position as one of the leading banks in the payment sector.
This impressive achievement comes from the development strategy, extensive cooperation with domestic and foreign card organizations; diversification of products and services; expanding the ecosystem of superior promotions and incentives; pioneering the application of new payment technologies to personalize the user experience. All combined with the common goal of attracting and retaining customers.
In terms of payment methods, Sacombank is the bank that cooperates with the most organizations to issue cards, including: NAPAS, VISA, Mastercard, UnionPay, JCB, American Express. The bank continuously launches card lines with attractive promotions, opening up new trends in consumer payment. Notably, the first Infinite Visa “power black card” in Vietnam; Mastercard integrating credit cards and payment cards on the same chip for the first time in the market; or most recently, the Sacombank Platinum American Express credit card;…
Sacombank’s ecosystem of 20 credit card lines brings superior benefits to each spending group from tourism, shopping, dining to consumption, installment payments, etc., suitable for each specific customer segment, from the general customer group to the high-end customer group.
Along with that, Sacombank has pioneered the application of non-physical credit card issuance technology in order to bring many advantages in cashless payment with multiple utilities and multiple experiences; helping users balance and manage personal finances effectively. Sacombank is also the pioneering bank to connect with all mobile payment methods present in the Vietnamese market such as Apple Pay, Google Pay, Samsung Pay, Garmin Pay, to meet the needs of technology user groups. This is also part of this bank’s strategy to personalize the user experience.
At the same time, the policy of free issuance, exemption of annual fees, or promotion programs with large incentives are continuously implemented by Sacombank with the desire to bring a great payment experience, along with maximum cost savings for all customers.
Sacombank Visa card linked on Garmin watch
In addition, Sacombank also focuses on investing in the payment acceptance network. Since 2004, it has developed a payment system through POS machines. Up to now, this bank owns a network of more than 200,000 POS machines nationwide. In 2008, Sacombank developed a payment gateway for online transactions and is currently one of the leading banks in online payment revenue in Vietnam. Thus, with a wide network of online and offline card acceptance, Sacombank can serve card customers on multiple platforms, anytime, anywhere.
Increase understanding and value to card customers
“The above results come from the strategy of developing the card segment right from the very beginning, being invested in a structured and effective manner, combined with the pioneering spirit of innovation and renewal of Sacombank. Each card reaching customers is not only a spending experience but also a value, an emotional touch point that Sacombank strives to understand and go along with customers”, Ms. Nguyen Phuong Huyen – Deputy Director in charge of the Individual Sector – representing Sacombank, shared.
Sacombank has made great strides in its journey to conquer customers by changing its mindset and business strategy, from providing traditional banking financial products – selling what the bank has to providing the services that customers need. This is a leap forward in the strategy of personalizing the customer experience of Sacombank in particular and the cashless payment market in Vietnam in general.
In the future, the bank will continue to build a card ecosystem with leading partners in the market, with the aim of constantly expanding promotions, diversifying card features, comprehensively applying new technologies and meeting all the needs of users.
Sacombank has just been honored by VISA in the most important categories, such as: Bank leading in total card transaction volume; Bank leading in credit card transaction volume; Bank leading in card payment acceptance network… Along with many other prestigious awards from Mastercard, JCB, NAPAS organizations – this is the result of Sacombank’s continuous efforts in pioneering to bring increasingly quality experiences to customers using cards.
