Visa Rated Most Favorite Debit Card in Vietnam

Visa card is now the most favorite foreign debit card in Vietnam, dominating the MasterCard and Discovery, a survey carried out online by the Deposit Insurance of Vietnam (DIV) showed.

 

Accordingly, 30.9 per cent out of the total 446 participants in the survey voted for Visa card, 27.3 per cent for MasterCard, 21.5 per cent for AMEX, 9.64 per cent for Discovery, and 10.5 per cent for others.

In recent years, the total value of transactions made by Visa cardholders in Vietnam average around US$100 million per year and by international visitors US$250 million. Two economic hubs, Hanoi and Ho Chi Minh City, accounted for 98 per cent of the Visa payments.

 

Visa International, which has partnered with 15 local commercial banks, is looking to raise the number of debit cards issued in Vietnam to one million in the next two or three years from the current 100,000. It also plans to expand the points of sale (POS) network to 10,000 in 2006 from the current 6,500.

 

Visa and MasterCard, the world’s two leading card providers, have more than 10,000 points of sale (POS) in Vietnam and 25 million POS and 500,000 ATMs in the world.

 

Vietnam’s payment card market is developing steeply with annual growth of 300 per cent.
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