Speaking on the launch of PayFlex, Ms. Tuong Nguyen, Vice President and Card Division Director of VIB, shared: “VIB has always been a pioneer in applying technology to bring excellent financial solutions and enhance customer experience. VIB PayFlex is a testament to that commitment. We believe this feature will revolutionize how customers manage their daily expenses, offering them flexibility and maximum financial control with just a single card.”
Smart Financial Control, Optimized Benefits
VIB PayFlex empowers users with smart financial control. Cardholders can flexibly set their payment sources according to transaction types, such as e-commerce, international spending, contactless transactions, transaction values, or subsequent transactions. This enables users to optimize their finances by allocating spending based on personal goals.
Seamlessly integrated into the MyVIB digital banking application, PayFlex allows users to effortlessly switch payment sources with just a few simple steps. This blurs the lines between different card types, transforming them into unified smart spending tools. Cardholders no longer need to remember which card to use for each transaction; instead, they can simply use the card they have set up via PayFlex for all their needs.
This approach represents a significant advancement beyond traditional “2-in-1” cards, for which VIB was also the first bank in Southeast Asia to introduce this concept in Vietnam in 2021. Those cards typically allowed source selection only through physical chips or pre-set default settings. The ability to control payment sources in real-time via the MyVIB app offers unprecedented financial flexibility. As a result, cardholders can optimize their cash flow and spending strategies, for example, by choosing a debit account for daily expenses to easily manage their budget and a credit account for larger transactions to take advantage of benefits, interest-free periods, or installment plans.
Advanced Security, Reduced Risk
All transactions with VIB PayFlex are secured by the most advanced technologies from VIB and Visa, providing absolute peace of mind for customers. There is no longer any worry about remembering multiple card details or data breaches when transacting online. With PayFlex, cardholders only need to declare a single card and can easily adjust payment sources directly within the MyVIB app. Using PayFlex also optimizes benefits during payment and reduces the risk of selecting the wrong card, especially at point-of-sale (POS) terminals, ensuring that cardholders always receive their desired benefits and promotions.
Currently, VIB is offering a complimentary credit card to VIB Visa debit cardholders (based on their spending history), providing unparalleled convenience. Users can instantly set their preferred payment source on their existing physical card—whether credit or debit—through MyVIB at any time and from anywhere, without waiting for a physical credit card to be issued, updating card details on applications/websites, or memorizing additional card information for transactions.
Market Leadership Vision
Ms. Dang Tuyet Dung, Visa’s Country Manager for Vietnam and Laos, commented: “VFC is a breakthrough technology from Visa. The swift implementation of the PayFlex service on the VFC platform by VIB demonstrates the bank’s vision and commitment to bringing the most advanced payment innovations to Vietnamese users. We believe that this collaboration will strongly promote the cashless payment trend and significantly enhance the financial experience for customers.”
VIB is positioning itself as a market leader and innovator by bringing world-class, proven payment solutions to its domestic customers, thereby solidifying its leading position in the card market.
From now on, VIB will officially roll out PayFlex to all customers, along with gifts worth up to VND 200,000 for the first users. Sign up now for a VIB Visa debit or credit card to enjoy superior benefits here.
