VPBank - Leading the Way in Tap & Pay Payments

DNHN - VPBank has been named the number one bank for 10 card activities in 2023 by Mastercard and Visa, further solidifying its position as a leader in providing customers with optimal payment solutions and being their preferred choice.

Winner of 10 Prestigious Awards

Mastercard and Visa are two of the world’s leading electronic payment technology companies. Their cards are widely accepted and used by customers in most countries around the world. Therefore, Mastercard and Visa awards are a testament to the bank’s prestigious position as a leader in providing superior payment cards with exceptional value. VPBank is also one of the few banks to have won 10 prestigious awards from Mastercard and Visa in 2023. Specifically, Mastercard presented VPBank with 6 awards: leading bank in credit card transaction volume; leading bank in debit card transaction volume; leading in overseas card spending volume; leading in e-commerce transaction volume; pioneer in implementing Apple Pay for Mastercard cards in the market; and leading in transaction volume at payment units.

In addition to Mastercard, Visa also recognised VPBank in 4 prestigious award categories: bank with the leading impressive growth in card transaction volume in 2023; leading in the growth rate of the number of cross-border activated cards in 2023; leading in payment volume at card acceptance units in 2023; and leading in the growth rate of co-branded card volume in 2023.

Number 1 in the Market in Terms of Number and Volume of Card Transactions

Having continuously held the leading position for many years, in the first 6 months of 2023, VPBank continued to be the “champion” in terms of both the number and volume of credit card spending. According to statistics from the Card Association, VPBank credit cards achieved an impressive transaction volume growth of 65% in the first half of 2023 compared to the same period last year, which is higher than the market average of 21%. To solidify its leading position, VPBank has always focused on customers, strived to improve, diversified payment solutions, integrated technology, optimised security, and increased incentives to enhance financial benefits for customers. Specifically, VPBank has continuously innovated to introduce many card lines that optimally meet the payment needs of users. Each card line is carefully researched, impressive, and diverse in terms of both design and product features to suit each customer segment. For the high-end customer segment, Mastercard World and World Lady cards provide customers with experiences worthy of international standards, exclusive privileges, and superior benefits when shopping and dining. For the Millennial segment, VPBank has many card lines that have made a mark in the market: StepUp credit card with a variety of designs and a 15% cashback feature for online spending; VPBank Shopee co-branded card - a smart choice for customers who love online shopping as it provides free shipping codes all year round and a 10% cashback offer at Shopee for customers; Lady Mastercard card stands out with a collection of 12 card designs in 3 different themes, while also offering a cashback feature of up to 15% for essential categories: education, insurance, healthcare, beauty care, supermarkets, etc., helping women express their personality with every card tap. For the Gen Z customer segment, the VPBank JCB Z card is designed with a 10% cashback offer in categories related to young people’s spending habits: dining, entertainment, fitness, and transportation.

Leading Bank in the Tap & Pay Payment Trend

In recent years, contactless payments, especially “one-touch” payments, have become a trend due to their convenience, security, and speed. Recognising this trend, VPBank has made efforts to digitalise, bringing modern, secure, and convenient payment experiences to users. It can be said that VPBank has become the first and only bank in Vietnam to provide a comprehensive and complete Tap & Pay payment solution: VP Pay, Apple Pay, Samsung Pay, Google Pay, and Garmin Pay. With VPBank’s Tap & Pay payment solution, customers can shorten transaction time and enjoy the convenience of not having to carry cash or physical cards. Simply “tap” your phone, smartwatch, or tablet on the supported device, and the transaction will be quickly completed in just a few seconds, eliminating the need for direct contact or PIN entry. Notably, Tap & Pay provides maximum security for customers’ information and data. The card number when paying with Tap & Pay will never be shared with the merchant and is encrypted on the customer’s device to ensure security. It is known that VPBank is currently implementing many incentive programmes for customers paying via Tap & Pay: 50,000 VND cashback for the first spending with VPBank card via Apple Pay, up to 100,000 VND cashback when paying via Samsung Pay with VPBank credit card at Co.opMart, 7-Eleven, Fahasa, etc., and 50% cashback on the transaction value (up to 100,000 VND) when paying with VPBank credit card via Garmin Pay.

“VPBank will continue to expand and develop new payment products and services that apply modern technology, bringing convenience and enhancing the customer experience. Thereby, the bank contributes to promoting cashless payments and achieving financial inclusion, aiming for a cashless society,” emphasised a VPBank representative.

Hanh Nguyen