The awards recognise Home Credit Vietnam’s industry-leading excellence and contributions to developing Visa’s payment services in Vietnam.
The letter of congratulations from Visa stated, “As recognition for innovation, dynamic growth, and best-in-class services, the awards highlight the very best of digital payment service providers.”
Dang Tuyet Dung, country manager for Visa in Vietnam and Laos commented, “We congratulate Home Credit for their support in driving the growth of digital payments. We look forward to working together with Home Credit Vietnam and all of our valued partners to support the country on its journey to becoming a digital economy and a cashless society.”
Domestic credit cards have started to flourish in Vietnam in recent years. Commercial banks and consumer finance companies have cooperated with card companies like Visa and Mastercard to issue domestic credit cards.
As the recipient of this year’s awards, Home Credit Vietnam is recognised for being one of the leading consumer finance firms to issue credit cards both online and offline.
The Virtual Credit Card is one of Home Credit’s main products. Customers can download the app, register for the card, and gain approval within 5 minutes. The benefits of the card include cashback of up to 2 per cent on every transaction, 45 days interest-free, zero per cent interest on payments in instalments, and absolute security on the mobile application.
The main objectives of the Virtual Credit Card, according to the development team, are to optimise existing products across platforms, improve ease of use, and help customers to manage their personal spending.
With changes in the way consumers pay for goods and services, cashless payments have flourished in Vietnam in recent years. The nation is one of the most dynamic digital economies in Southeast Asia and cashless payments reached $1.6 trillion in the first nine months of 2021.
As of last June, the total number of bank cards in circulation in Vietnam had reached 110 million, and the trend is clearly moving from domestic to international providers. By this time, 90 million, or 82 per cent, of the cards were domestic, while international cards had increased to 20 million or 18 per cent, up from 13 per cent in 2018.
Realising the potential of the credit card market, Home Credit continues to improve its products and offers many incentives to attract a wide range of customers.
With over 14 years of experience in the country and leading the way in ESG standards, Home Credit has committed to contributing to sustainable development and the consumer finance market in Vietnam.
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