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Card payment system connection makes debut
Customers of Vietnam’s five major banks can now withdraw money from other banks ATMs, thanks to the connection of Vietnam ’s two largest ATM card payment systems.
The State Bank of Vietnam (SBV) on May 23 officially launched the connection of Banknetvn and Smartlink to promote cross-bank ATM transactions.
Previously restricted to withdrawing money from their own bank’s specialised ATM, now customers can withdraw money from any of the five participating bank’s ATM’s - the Bank for Foreign Trade (Vietcombank), the Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development (BIDV), the Industrial and Commercial Bank (Vietinbank) and Technological and Commercial Joint Stock Bank (Techcombank).
According to SBV Deputy Governor Nguyen Toan Thang, the connection of the two ATM card alliances, which hold 80 percent of the country’s card market share, is the premise for a nationally connected card system in the future.
By March 2008, the five above banks’ total ATMs numbered over 3,600, accounting for 64 percent of ATMs in the Vietnamese market. Their total number of issued cards was 8.6 million, making up 80 percent of the local market’s cards.
Banknetvn and Smartlink plan to cooperate in connecting with remaining member banks by the third quarter of this year.
At that time, the two card alliances will have more than 4,500 ATMs, accounting for about 80 percent of the domestic market.
SBV’s Payment Department Head Bui Quang Tien says Vietnam issued over 10 million payment cards by the first quarter of 2008.
He said the country strives to have 15 million issued cards and the rate of cash payments below 18 percent by 2010.
The respective figures will be 30 million cards and under 15 percent ten years later.
VNA
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