Petrolimex to launch non-cash payment service

Non-cash payment service at Petrolimex petrol station is expected to create advantages for not only businesses and banks but also customers who enjoy conveniences. — Photo Hoang Hung Domestic ATM card holders of 41 National Payment Corporation of Viet Nam (NAPAS) member banks can pay by card at Viet Nam National Petroleum Group (Petrolimex)’s petrol stations nationwide from August 1. The card payment service is connected via PG Bank’s Point-of-sale (POS) system at Petrolimex petrol stations. The move was announced after Petrolimex inked a co-operation agreement with NAPAS and PGBank in Ha Noi yesterday. Chairman of Petrolimex Bui Ngoc Bao said that the co-operation with NAPAS would raise its service quality at petrol stations nationwide and strengthen management capacity and transparency as the company looks to build a modern petrol station system. “This is also common trend of the era of the industry 4.0, which will push the development of non-cash payment model in Viet Nam. This payment model creates advantages for not only businesses and banks but also customers who enjoy conveniences,” said Bao. According to a report of the National Traffic Safety Committee, Viet Nam has nearly 3.2 million cars and more than 48.3 million motorbikes operating in the country. A majority of them use fuel supplied by Petrolimex. With the use of ATM cards, the customers can manage their fuel costs via their bank statements. In addition, this can also enjoy promotional programmes, including discounts when they buy…... [read more]

Domestic ATM card holders of 41 National Payment Corporation of Việt Nam (NAPAS) member banks can pay by card at Việt Nam National Petroleum Group (Petrolimex)’s petrol stations nationwide from August 1. Non-cash payment service at Petrolimex petrol station is expected to create advantages for not only businesses and banks but also customers who enjoy conveniences. - Photo Hoàng Hùng The card payment service is connected via PG Bank’s Point-of-sale (POS) system at Petrolimex petrol stations. The move was announced after Petrolimex inked a co-operation agreement with NAPAS and PGBank in Hà Nội yesterday. Chairman of Petrolimex Bùi Ngọc Bảo said that the co-operation with NAPAS would raise its service quality at petrol stations nationwide and strengthen management capacity and transparency as the company looks to build a modern petrol station system. “This is also common trend of the era of the industry 4.0, which will push the development of non-cash payment model in Việt Nam. This payment model creates advantages for not only businesses and banks but also customers who enjoy conveniences,” said Bảo. According to a report of the National Traffic Safety Committee, Việt Nam has nearly 3.2 million cars and more than 48.3 million motorbikes operating in the country. A majority of them use fuel supplied by Petrolimex. With the use of ATM cards, the customers can manage their fuel costs via their bank statements. In addition, this can…... [read more]

It takes minutes to get a loan at DongA Bank Japan bank lends US$20 million to fertilizer producer By Thuy Trieu - The Saigon Times Daily HCMC - Borrowing at DongA Commercial Bank is seen perhaps the least sweating job for customers as the lender on Monday announced a simplified service that takes only 24 minutes to appraise a borrowing request and deliver an unsecured loan to a client. Binh said the bank would make it easy for all people wanting to have ATM accounts at the bank and it would also find ways to access those clients such as opening counters at universities. Under this streamlined program, cardholders can go to any transaction office of the bank to ask for a loan, and the bank will appraise the request and send money to the clients' ATM accounts within 24 minutes. The interest will be charged after clients withdraw money at ATMs or use money for payment at 1,500 retailers accepting DongA cards in the country. The lending rate for this program is 12.84% per year, or 1.07% per month, equivalent to the lending rate for loans made via the bank's credit cards. However, the bank will give different credit lines for different borrowers. For those people whose salaries are paid via DongA, the credit line is three times the client's monthly salary. For those who cannot prove their income via banks, DongA will give a maximum credit line of VND1 million for students and small traders, and VND500,000 for…... [read more]

Three card switching systems to be merged By Hong Phuc - The Saigon Times Daily HCMC – The central bank has mapped out a plan to merge three local card networks to establish a unified card switching center. Smartlink Card Services and Vina Brilliant Card (VNBC) companies will no longer provide card switching services, which will be transferred to Vietnam National Financial Switching Joint Stock Company, better know as BanknetVN, a source told the Daily. The central bank has submitted the scheme to the Government, and it may be implemented within this year, said the source. The source added the merger would help save costs and unify service management and development policies for the card market and non-cash payment services as a whole. Card switching function facilitates the banks’ ATM and POS systems to connect and make payments with one another. In other words, this function helps ATM card holders of one bank to perform transactions at ATMs and POS of other banks and vice versa. Local banks have linked their ATM systems with one another, but inter-bank ATM services only allow cash withdrawals and transfers, and holders cannot pay for goods and services at POS terminals of other banks than the issuing one. The central bank said another issue was the strong surge in the number of ATMs in Vietnam, with 12,811 machines across the country reported by end-June last year, according to the Vietnam Bank Card Association. The country’s major financial centers have too many ATMs, yet the…... [read more]

ATMs overwhelmed by huge crowds By Thanh Thuong - The Saigon Times Daily HCMC – Foreseeing a strong rise in cash withdrawal demand ahead of Tet holidays, banks have taken measures to cope with a sudden surge in withdrawals at their ATMs but huge crowds can still be found in front of ATM booths around HCMC. Armies of workers are altogether converging at ATM stations these days to take out their wages and Tet bonuses. The sign “under maintenance” always pops up on the screens of the ATMs of Dong A Commercial Bank (DongABank) in front of Viet Tien Garment Co. Therefore, Viet Tien has asked the bank to send two ATM trucks to the area to allow workers to withdraw their salaries and bonuses. Nguyen Tan Dinh, deputy head of the HCMC Export Processing Zones and Industrial Parks Authority (HEPZA), said long queues had been spotted in front of ATM stations in industrial parks as several enterprises have paid their workers before Wednesday, or the 25th of lunar December. Many ATM trucks have also been sent to these places to meet the growing cash withdrawal demand of workers. Having the highest number of ATMs nationwide, 1,626 machines, Bank for Foreign Trade of Vietnam (Vietcombank) has doubled the numbers of money transport vehicles and staff to ensure its ATMs have enough cash for withdrawal. Le Huynh Ha, head of Vietcombank’s ATM services, said the bank had foreseen stronger cash withdrawals at this time of year, so it had doubled the…... [read more]

VietNamNet Bridge - Tens of millions of cards for use at bank ATMs have been issued but Vietnam remains a cash economy as millions of cards have been left unused. A report from the Vietnam Banking Card Association shows that 86 million cards had been issued by 2015, an increase of 30 percent compared to 2013. These include 80 million domestic debit cards (ATM), more than 2.5 million credit cards and some other types of cards. However, only 65.3 million cards have been used in reality, while inactive cards account for 26 percent. However, bankers said that the proportion of inactive cards was higher than reported, which could be up to 50 percent of the issued cards. Nguyen Phuong Nam in district 9 in HCM City said she now has four bank cards in her handbags, but she only regularly makes transactions with two of them. Cards have been used mostly to withdraw cash from banks (58 percent of the transaction value), or to make transfers (14 percent). "The other two I got 10 years ago when I was a university student," she explained. "Though I did not make any transactions with the two cards for many years, I have not received any notice from the banks about the interruption of service." Tran Van Thanh in district 2 of HCM City said he unwillingly has five bank cards. "My company changes bank partners every year and we have to get the cards issued by new banks to receive salaries. As…... [read more]

Tran Anh Tuan of HCM City's Tan Binh District, who has a Dong A Bank ATM card, recently had to pay VND5,500 for making an internal funds transfer. He said before July he did not have to pay for such a transaction. Card holders accuse not only Dong A Bank but also many others of collecting several additional charges. ATM card holders have to pay 20 kinds of fees on average, Nguoi Lao Dong (Labourer) newspaper reported, while some banks reportedly even collect 30 different fees. Asia Commercial Bank, for instance, collects an annual fee besides fees for membership, duplicate statements, card replacement, and credit balance transfer. Market observers said banks have to collect a fee for ATM card services since they are in business and need to make profits. Besides, they have to inject large sums of money into setting up infrastructure and train personnel to provide ATM card services, they pointed out. But they admitted that collecting so many kinds of fees as the banks are doing now is inadvisable, especially since the Government is seeking to encourage people to give up their habit of using cash and switch to cards. SBV not amused Faced with banks arbitrarily collecting ATM card fees, the State Bank of Viet Nam has stepped in, ordering banks to fully implement Circular 35/2012-NHNN that regulates fees. The rationale for this circular which took effect on March 1, 2012, was to create a legal framework for the fees charged by banks for using cards,…... [read more]

VietNamNet Bridge - ATM services are provided to Vietnamese card holders in accordance with "Vietnamese standards", but the fees imposed are at "international standards". Since July 2, Eximbank domestic card holders have had to pay VND1,100 for every inner-network transaction of cash withdrawal from ATMs and VND2,200 for every cash transfer. The bank’s policy on exempting fee for the first three transactions of the month has been eliminated. Eximbank has been collecting fees on inter-network ATM transactions – VND3,300 for every cash withdrawal transaction and account transfer fee – 0.011 percent of the value of transaction. Other commercial banks also impose many different kinds of fees on card holders. HDBank began collecting annual fees of VND60,000 since May 2015. In early April, ACB began collecting fees on opening domestic debit cards, at VND30,000 and the annual fee of VND50,000. Meanwhile, VIB has decided to raise the balance card holders must keep in their accounts. An analyst noted that card holders now have to bear 30 different kinds of fees. "Vietnamese poor people now have to use luxury services," he commented. "Banks set up many new kinds of fee when the number of card holders increased." A report of the State Bank showed that Vietnamese now use 63 million domestic debit cards, which is 17 times higher than the 3.6 million debit cards in late 2006. In general, most people have at least one ATM debit card, while many people use credit cards – Visa, Master Card, JCB and American Express.…... [read more]

A man checks a receipt after withdrawing money from an automated teller machine in Ha Noi. Many banks currently collect several additional charges, which make card holders dissatisfied. — VNS Photo Truong Vi... [read more]

Feng Hai Qiang was arrested Wednesday night, while trying to withdraw money from a booth in Thanh Xuan District. He was carrying 14 fake cards, equipment for producing the fake cards, and VND6.5 million (US$305) in cash. Feng admitted to belonging to a gang that had stolen more than VND100 million in the past month using the cards. Major Ngo Minh Quang from the Hanoi Police Department's High-Tech Crime division said the group hacked into the accounts of Vietnamese ATM card holders and used their information to create clone cards. The police are looking for Feng's accomplices. Like us on Facebook and scroll down to share your comment Ha An Thanh Nien News More : Vietnam, Chinese, ATM, fraud, Hanoi... [read more]




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