On December 4, 2024, in Ho Chi Minh City, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Mobile World Joint Stock Company signed a cooperation agreement to deploy the first official payment agent model in Vietnam, according to Decision No. 666/QD-TTGSNH2 of the State Bank.
This is a cooperation model in which VPBank acts as an agent, providing financial services within the scope of payment agent activities to customers. Mobile World - with a team of professional, well-trained and proficient staff, meeting the requirements to operate and support customers related to financial and banking services - will take on the role of an agent connecting the system with VPBank.
Specifically, customers can perform deposit/withdrawal/money transfer services at The Gioi Di Dong and Dien May Xanh stores as if they were at a VPBank branch. This is very useful for customers living and working in places where there are no branches, transaction offices, ATMs or CDMs of the bank.
In addition to deposit/withdrawal/transfer services, customers can perform other services such as opening a VPBank NEO payment account, opening a credit card 100% online. With an automatic connection system and a close coordination process between the parties, transactions and services are processed quickly, smoothly and safely, bringing a convenient and secure experience to customers.
One of the outstanding advantages of the service is the flexibility in time, when transactions are carried out according to the operating hours of the stores, including those outside of business hours, helping customers reduce waiting time at branches and transaction offices, especially when they need to make transactions outside of bank working hours. In addition, the network of nearly 3,000 widespread points of sale of Mobile World will help increase accessibility, creating conditions for customers to make financial transactions in the most convenient way.
During the service usage, customers can be completely assured when the system is connected and supported by SmartPay - a pioneer in providing financial and payment solutions. With PCI DSS level 1 security certification (Payment Card Industry Data Security Standard) - the highest security standard applied globally, all customer data will always be absolutely secure during processing and storage.
Speaking at the signing ceremony, Mr. Phung Duy Khuong, Permanent Deputy General Director in charge of the South, Director of VPBank's Science and Technology Division, emphasized: "The cooperation between the two sides will contribute to bringing VPBank's image, products and services to reach and expand to many new customers as well as increase the number of points of sale providing VPBank's financial services to existing customers. This cooperation also demonstrates our commitment to bringing an increasingly complete and convenient financial experience to customers."
Mr. Doan Van Hieu Em, CEO of Mobile World Joint Stock Company said: “With the advantage of a network covering all of Vietnam, we are the extended arm of VPBank in providing the Bank's services and utilities to reach everyone. We believe that these are all necessary services for anyone in today's era, especially the trend of non-cash payments that is actively promoted by the State”.
From now until January 15, 2025, all customers making transactions at Mobile World will be subject to a zero transaction fee policy. VPBank also applies a program to give E- voucher refunds to all customers who open VPBank NEO accounts and make payment transactions from now until April 30, 2025. Accordingly, when customers top up their phones, buy card codes and make data transactions, pay bills, pay postpaid mobile phones, pay traffic fees, scan QR payment codes, pay tuition, insurance, loans... for the first time with a value of 100,000 VND or more, they will immediately receive a refund evoucher of up to 50% (up to 50,000 VND). Customers who make online savings deposits for the first time will receive an additional 0.2% interest rate.
For customers who open a credit card at Mobile World points of sale, an annual fee refund of VND 500,000 when total spending reaches VND 2,000,000 within 30 days of opening the card is an incentive not to be missed. The program lasts until December 31, 2024. In particular, VPBank will also provide service product packages, unsecured loans, and salary payments with many incentives exclusively for Mobile World employees.
Through the cooperation in deploying services at a nationwide point-of-sale system, VPBank and Mobile World have opened a modern and convenient financial channel, improving the ability to serve customers nationwide. This cooperation will also help increase the number of VPBank's financial service points to customers, contributing to improving the service experience for existing customers, as well as bringing VPBank's image, products and services to a wider range of new customers. This cooperation also affirms VPBank's commitment to bringing an increasingly complete and convenient financial experience to customers.
Information box: Circular 07/2024/TT-NHNN on payment agent activities has been issued by the State Bank and takes effect from July 1, 2024. The issuance of the Circular regulating payment agent activities aims to complete the legal framework, meet the practical requirements for the development of agent activities in the payment sector in Vietnam in the coming time, as well as grasp the development trends of the payment sector in the world, the strong and extensive development of information technology and telecommunications today.
In that context, with the effort to bring the most convenient payment solutions to customers, VPBank has become the first bank licensed to deploy products and services within the scope of payment agent operations through the combination with Mobile World, the leading retail system in Vietnam today.
About VPBank:
VPBank is one of the largest joint stock commercial banks in Vietnam with a history of more than 30 years of establishment and development. With a multi-industry development strategy, VPBank provides comprehensive financial services, from retail banking to investment banking, for both individual and corporate customers. VPBank has been affirming its position through the application of technology in business operations, from digital banking solutions to large-scale digital transformation projects.
About Mobile World:
Mobile World Joint Stock Company is a subsidiary of Mobile World Investment Joint Stock Company (stock code MWG) operating the retail chains thegioididong.com, Dien may Xanh, TopZone, An Khang, Avakids and Erablue chain in Indonesia.
With more than 3,000 stores nationwide, Mobile World is the leading seller of phones, laptops, tablets and consumer electronics. The company is also a market pioneer in many sales activities, bringing practical benefits to consumers.
About SmartPay:
Since its inception in May 2019, SmartPay has always focused on small and medium-sized merchants, helping them grow by providing advanced, fast, cost-effective and reliable technology. To date, the SmartPay community has attracted more than 700,000 merchants, more than 2 million individual users and welcomed more than 40 million users from other banking and wallet partners.
With the mission of improving and enhancing the lives of small and medium-sized sellers, SmartPay helps sellers accept all forms of payment such as QR code scanning, touch payment, facial recognition, bank cards, online payment gateways and financial support solutions, helping them do business effectively regardless of scale.
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