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Banknetvn, Smartlink and banks join POS network
The Viet Nam National Financial Switching Joint Stock Company (Banknetvn), the Smartlink Card Services Joint Stock Company (Smartlink) and eight commercial banks linked in the first phase of a Point-of-Sale (POS) network late yesterday.
The eight banks are Vietcombank, Agribank, Vietinbank, BIDV, Techcombank, VIB, SeaBank, and Ocean Bank.
Their new network will allow their card holders to use the POS of member banks.
This should reduce the cost of POS installment; boost bank card payment services and further the State Bank of Viet Nam's master plan for non-cash payment.
The second phase will have the eight linked with even more banks in Ha Noi and HCM City.
Banknetvn links Agribank, Vietinbank, Sacombank, BIDV, DongA Bank, An Binh Bank, ACB, Western Bank, PG Bank, Sai Gon Bank, Viet Nam Russia Bank, Ocean Bank, Mekong Housing Bank, Trust Bank and Nam A Bank.
Smartlink links SHB, SCB, Indovina Bank, Habubank, Eximbank, Navibank, ACB, Southern Bank, Shinhan Vina Bank, Techcombank, SeaBank, Oricombank, VP Bank, Vietcombank, Military Bank, Viet A Bank, VIB Bank, and Maritime Bank.
Central bank statistics show bank card growth of between 50-200 per cent during 2006-2010.
The electronic interbank payment system has issued about 27 million bank cards with 11,000 ATMs and 42,000 POS at 83 member banks.
Daily transactions average 35,000 to 45,000 and continue to rise.
But cash withdrawals account for about 80 per cent of bank card use with payments growing at less than 5 per cent.
Deputy Prime Minister Nguyen Sinh Hung assigned the State Bank of Viet Nam to find ways to unify the networks providing payment services throughout the country earlier this month.
The plan is to enable the use of cards at most ATMs, and POS devices.
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