Vietcombank Tra Vinh Speeds up Noncash Payment Development

10:56:03 AM | 23/12/2019

In the digital age, cashless payment has become a vital trend. Grasping this trend, in the past time, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) in general and Vietcombank Tra Vinh in particular always take the lead in providing various financial solutions and promoting noncash payment, thus supplying a full range of utilities and effectively meeting increasingly diverse customer needs.

On January 1, 2019, the Government issued Resolution No. 02/NQ-CP on continued implementation of major solutions for better business environment and stronger national competitiveness in 2019 and to 2021. One of resolution contents is promote non-cash payment for public services such as tax, electricity, water, tuition, hospital fees and payment of social security programs.

Sticking to the socioeconomic development orientation of the provincial government and to the business direction and support of Vietcombank, Vietcombank Tra Vinh always focuses on developing modern retail banking products and services consistent with Party guidelines and State policies. Specifically, the branch puts a premium on fostering noncash payment development. This is a big challenge as about 80% of the population in Tra Vinh province are living in rural areas.

With its prestige and reputation, more customers use Vietcombank’s products and services. In the first years of operation, the branch had 3,000 service accounts and debit cards a year. The figure jumped to nearly 10,000 a year from 2016. On this development momentum, all employees of Vietcombank Tra Vinh actively introduced new modern payment methods to customers, based on many convenient products and services, such as VCB Internet Banking, VCB Mobile Banking, VCB Pay and e-wallet to meet most needs of customers like money transfer, online saving and bill service payment like electricity, water, telecom, insurance and securities transaction fees. Vietcombank Tra Vinh also regularly launches promotions to attract new customers and stimulate the use of banking services, especially noncash payment.

Developing ATM networks, points of sales (POS) and QR Code has also been very strong in recent years. To date, Vietcombank Tra Vinh has installed 16 ATMs and 30 POS/QR Code acceptance units, focusing on restaurants, hotels, shopping centers and supermarkets to create favorable and easy conditions for customers to pay for goods and services. In an effort to expand the network, card payment at Vietcombank Tra Vinh has been constantly increasing over the years. Particularly, in 2018, card-based payment reached VND85 billion, an increase of 30% over 2017.

At the same time, Vietcombank Tra Vinh has also strengthened its cooperation with many partners to launch promotions and incentives for card and online payment customers to stimulate cashless payment. In 2017, Vietcombank Tra Vinh and Tra Vinh University jointly implemented the tuition payment service through a POS machine at Tra Vinh University. The annual value of tuition paid via POS is about VND25-30 billion, helping the university to reduce the cost of checking and circulating cash and encourage noncash payment habits for youth. The branch also actively connects data with public service units such as electricity, water supply and sewerage, state treasury, tax and social insurance companies, thereby attracting more and more individual customers and enterprises to use Vietcombank payment channels, with annual transaction value of over VND1,000 billion.

In addition, Vietcombank Tra Vinh promotes modern banking products and services such as capital mobilization, personal and corporate lending, international payment, foreign exchange, money transfer, card, electronic banking and payroll services, helping local socioeconomic development.

With its many utilities, cashless payment promises to thrive in the near future. Taking this trend, Vietcombank Tra Vinh will continue to develop and introduce modern noncash payment methods to hospitals, schools, public administrative service centers and other business units in the province, thereby helping boost their performance and scale up noncash payment development in line with policies of the Government and the State Bank of Vietnam.

Cong Luan (Vietnam Business Forum Magazine)