In Hanoi, on February 1, 2018, , Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and UnionPay International (UPI) held a signing ceremony of cooperation agreement.
The signing ceremony
After the negotiation phrase, VietinBank officially signed a cooperation agreement with UnionPay International to develop its UnionPay card product line and to be UPI’s payment bank in Vietnam. Speaking at the ceremony, Mr. Phung Duy Khuong - Retail Director, Deputy General Director of Vietinbank said that the signing of this cooperation agreement is an opportunity for both sides to expand the market, diversify the products and services bringing practical benefits to customers.
Mr. Phung Duy Khuong speaks at the meeting
According to Mr. Phung Duy Khuong, VietinBank's market share in 2017 was the market leader with over 21% market share of domestic debit cards; nearly 28% market share of international cards; over 29% market share in POS payment system in Vietnam. VietinBank is the "leading bank in developing card payment services" granted by the Visa International Card Organization; Top 3 banks in terms of MasterCard payment card sales ...
Mr. Larry Wang - Vice President and Board Member of UnionPay International Co. commented: “”Vietnam is a very potential market because of its rapid economic growth in recent years. As the economy grows, people will have the need to use modern, convenient payment methods for their shopping services, both domestically and abroad. With the above trend together with the implementation of this cooperation agreement, UPI Vice President hopes UnionPay cards will be widely distributed in the Vietnamese market in the near future.”
In addition to card issuance, the two parties have also completed the implementation of the UnionPay contactless card acceptance system. It is expected that by the end of 2018 there will be about 50,000 card accepting units of VietinBank to support contactless payment for UnionPay cards. This partnership also promises the potential of a secure and extremely usable form of payment that will grow rapidly in the near future.
UnionPay International is a subsidiary of China UnionPay. UnionPay International provides a high quality, efficient and secure payment service for the largest number of cardholders worldwide and ensures convenient services for increasing number of cardholders. With more than 1,700 affiliated networks worldwide, UnionPay International has issued cards in 42 countries and regions, and accepting cards in 168 countries and regions.
VA