POS Connection Launched

The State Bank of Vietnam (SBV), eight joint-stock commercial banks and two switching companies have jointly held an official ceremony to launch the successful point of sale (POS) connection Phase I in the capital city of Hanoi.

 

The eight participating banks include Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Bank for Investment and Development of Vietnam (BIDV), Vietnam Technological & Commercial Joint Stock Bank (Techcombank), Vietnam International Commercial Joint Stock Bank (VIB), Southeast Asia Commercial Joint Stock Bank (SeABank), Ocean Commercial Joint Stock Bank (OceanBank) and two financial companies are Vietnam National Financial Switching Joint Stock Company (Banknetvn) and the Smartlink Card Services Joint Stock Company (Smartlink).

 

Accordingly, the new network will allow their card holders to use the POS of member banks. This should reduce the cost of POS instalment; boost bank card payment services and further the State Bank of Vietnam’s master plan for non-cash payment.

 

From September 28, 2010, the POS service has been accepted in some 100 supermarkets, shops, restaurants, hotels, taxi firms, hospitals, commercial centres and others.