Accordingly, the co-branded card between NAPAS and Mastercard with contactless payment feature at a network of card acceptance points covering the globe and in Vietnam will bring customers a seamless, safe and secure payment transaction experience with just one card.
The project to cooperate in implementing the co-branded card product between NAPAS and Mastercard aims to provide innovative solutions to meet the needs of domestic cardholders, in line with Vietnam's development and international integration trends. According to Mastercard's 2024 Digital Payments Index Report, 47% of Vietnamese consumers prefer online payment tools because of their convenience and fast payment speed, while 21% of consumers appreciate the security that these payment tools bring.
In May 2024, Vietnam ranked third in Southeast Asia in terms of enthusiasm for international travel, demonstrating the Vietnamese people's love for international travel. The increasing trend of Vietnamese tourists traveling abroad affirms the growing demand for safe and seamless cross-border payment methods and online transactions.
In response to that need, the co-branded card between NAPAS and Mastercard issued by Vietnamese banks is the optimal payment solution, with only 1 card, the cardholder can use the contactless payment feature in the domestic market (NAPAS card) and internationally (Mastercard card). Customers can use the card to make transactions at a network of more than 600,000 payment acceptance points and more than 20,000 ATMs belonging to the NAPAS network in Vietnam, at the same time at more than 130 million payment acceptance points and more than 1 million ATMs accepting Mastercard cards belonging to the Mastercard network worldwide.
In addition, the Co-branded Card can also be used for online payment at e-commerce sites in the international market conveniently and quickly.
In addition to the benefits of the payment acceptance network, cardholders will also enjoy incentives from NAPAS in Vietnam as well as attractive incentive policies at Mastercard's international payment acceptance network worldwide.
Regarding technology solutions, the co-branded card between NAPAS and Mastercard applies contactless payment technology through the integration of two standards including VCCS for NAPAS cards and M/Chip for Mastercard cards into a physical chip on the card. Thereby, helping to reduce costs, improve security and safety as well as limit the risk of fraudulent and counterfeit card transactions.
In the first phase of the project, NAPAS and Mastercard together with the first 9 banks participated in issuing NAPAS and Mastercard co-branded cards, including: Agribank, BIDV, Vietinbank, MB, TPBank, Sacombank, HD Bank, PvcomBank and Nam A Bank.
In the next plan in 2025, NAPAS and Mastercard will continue to deploy to member banks to expand the scope to all banks in need as well as bring a variety of global payment options to consumers in Vietnam.
Mr. Nguyen Quang Hung - Chairman of the Board of Directors of NAPAS shared: "The cooperation in issuing co-branded cards between NAPAS and Mastercard demonstrates the commitment and continuous efforts of the parties in finding innovative solutions, applying new payment technologies to bring users simple and safe payment products and services with a seamless and consistent transaction experience between domestic and international".
“As the job, commerce and technology landscape continues to change rapidly, Mastercard is ready and at the forefront to support the Vietnamese government in accelerating digital transformation. This partnership between Mastercard, NAPAS and partner banks once again reaffirms Mastercard’s commitment to providing efficient, secure and transparent payment solutions to cardholders in Vietnam. As a partner that is constantly changing and evolving, Mastercard is helping to accelerate digital transformation in Vietnam and reinforce its global commitment to connecting one billion people to the digital economy by 2025,” said Winnie Wong, Mastercard Country Manager for Vietnam, Cambodia and Laos.
Co-branded cards have opened a new era of convenient payments, allowing cardholders to experience seamless transactions anywhere in Vietnam and around the world thanks to the comprehensive payment acceptance capabilities of the NAPAS network and the ability to make transactions internationally of Mastercard, along with many incentives during the spending and payment process for cardholders.
National Payment Corporation of Vietnam (NAPAS) is a licensed payment intermediary providing financial switching services and electronic clearing services in Vietnam.
Domestic cards (NAPAS cards) are payment cards issued by 64 Vietnamese banks and financial companies, card numbers starting with 9704 are issued by the State Bank.
Domestic cards apply advanced chip technology, implemented according to the VCCS standard set issued by NAPAS, on the basis of conformity and compliance with the regulations in the basic standards set on domestic cards of the State Bank and the international EMV standard. NAPAS cards are accepted for payment at more than 600,000 service providers with POS/mPOS installed and cash withdrawals at more than 20,000 ATMs nationwide. In addition, NAPAS cards are used to pay bills online on e-commerce sites, online payment sites on the National Public Service Portal and VNeID application,... NAPAS cardholders can use them in Korea, Thailand, Malaysia, Laos, Korea...
